The diagram to the right shows a hypothetical demand curve for apples. The slope of this curve is _____
Fill in the blank(s) with the appropriate word(s)
Answer: -1.75
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A shoe manufacturer is producing at a point where its marginal costs are $5 and its fixed costs are $5000 . At the current price of $10 it is producing 500 pairs. If the demand goes down, such that they can now only charge $8 per pair, should they continue production in the short run?
a. No because price has fallen b. Yes because price is still higher than marginal costs c. No because price is lower than average cost d. Yes because price is higher than marginal costs
Brock is willing to pay $400 for a new suit, but he is able to buy the suit for $250 . His consumer surplus is
a. $650. b. $150. c. $250. d. $400.
Which of the following is not likely to be a government objective?
a) Increasing employment b) Increasing economic growth c) Increasing government spending d) Increasing the level of exports
An economic naturalist is someone who:
A. has an innate talent for using economic concepts. B. uses economic arguments to protect the environment. C. studies the process of natural selection in a cost-benefit framework. D. applies economic insights to understand everyday life.