The condition P = MC implies that an individual who values the product at P will receive
A. no consumer surplus.
B. only producer surplus.
C. positive consumer surplus.
D. negative consumer surplus.
Answer: A
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Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7 B. $5 C. $8 D. $32
At the end of World War I (1918), the United States
A. emerged as the world's leading industrial power. B. was the world's largest economy. C. had become the greatest military power. D. All of the choices are true.
If a country produces only two goods, it is possible to have a comparative advantage in the production of both those goods
Indicate whether the statement is true or false
Most of our environmental problems exist because of
a. a lack of enforced and easily traded property rights. b. consumer ignorance. c. profit maximization on the part of business firms. d. the failure of political officials to regulate business activities.