Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A) 102 units.
B) 105 units.
C) 103 units.
D) 104 units.
A
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The distribution of surplus received from a subsidy offered in a market where a positive externality is present depends on:
A. how the subsidy is distributed among those affected by the externality. B. if those who are affected receive their true value of the externality. C. where the government gets the money to pay for the subsidy. D. None of these statements is true.
For most goods in an economy, the primary signal that guides the decisions of buyers and sellers is
a. advertising. b. quality. c. reputation. d. price.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.
Use the following graph showing short-run cost curves for a perfectly competitive firm to answer the next question.
At what minimum price would the firm be willing to produce output in the short run?
A. P1 B. P2 C. P3 D. P4