Suppose Quarto Inc produces and sells dresses in a perfectly competitive market. Which of the following would be the firm's profit-maximizing outcome?
a. The firm earns a total revenue of $250 if it produces 10 dresses at a total cost of $500.
b. The firm earns a total revenue of $1,000 if it produces 20 dresses at a total cost of $800.
c. The firm earns a total revenue of $3,000 if it produces 30 dresses at a total cost of $1,000.
d. The firm earns a total revenue of $3,500 if it produces 40 dresses at a total cost of $2,000.
c
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Consumption patterns in the U.S. between 1790 and 1860 indicate a growing preference for
(a) basic necessities. (b) high quality clothes and homes. (c) simple, standardized and mass-produced goods. (d) luxury items.
Based on the graph for saving incentives, a tax law change encouraging saving would ______.
a. create a higher equilibrium quantity of loanable funds exchanged
b. create a lower equilibrium quantity of loanable funds exchanged
c. have no influence on the equilibrium quantity of loanable funds exchanged
d. drive the equilibrium quantity of loanable funds exchanged to zero
By 2016, the unemployment rate in the US had fallen from a peak of 10% in 2009 to:
A. under 5%. B. under 3%. C. 7.8%. D. 6.2%.
The South's economy was based on production of
A. iron, steel and textiles. B. corn, wheat and soybeans. C. tobacco, cotton and rice. D. iron, wheat and cotton.