For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market consists of 50 identical sellers, each with the same opportunity cost as the seller depicted in the figure, then how many units would be supplied in the market at a price of $14 per unit?
A. 175,000
B. 350
C. 17,500
D. 1,750
Answer: C
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Suppose wheat farmers are price takers. If wheat farmers are currently making economic profits, over time we would expect that
a. existing wheat farmers would plant more acres of wheat. b. farmers growing other crops would switch some of their land from these crops to the growing of wheat. c. the wheat farmers will continue to earn economic profits because they would be driven out of business without such profit. d. both a and b are correct.
The figure below shows the market for MP3 players in a small country. Dd and Sd are the domestic demand and domestic supply curves of the MP3 players. QQ is the quota quantity. The quota on MP3 players will cause domestic consumers to
A. lose $195 million. B. gain $25 million. C. lose $25 million. D. lose $170 million.
There are two equidistant exits in a movie theater. However, one exit is used by a majority of the people after the end of a movie. This is an example of ________
A) herding B) anchoring C) signaling D) sniping
Why do CDs have lower rates of return than stocks?
A) CDs are much riskier investments than stocks. B) CDs are less risky than stocks. C) CDs are not taxed while stock s returns are taxable. D) CDs are not as liquid as stocks.