Refer to Figure 22.3 for a perfectly competitive firm. At a market price of $23, total profits are maximized at an output of
A. 31.
B. 13.
C. 39.
D. 25.
Answer: C
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What does cross elasticity of demand between goods reveal about the nature of relationship between them?
Compared to the unemployed during the Great Depression, persons unemployed in today’s economy are
A. worse off due to higher price levels. B. worse off due to higher rates of unemployment in the 1990s. C. better off due to unemployment insurance. D. better off due to lower price levels.
In the above table, saving is positive when real disposable income is greater than
A) $300. B) $100. C) zero. D) $500.
If the cross elasticity of demand between coffee and tea is positive, an increase in the price of tea will shift the demand curve for
A) tea rightward. B) tea leftward. C) coffee rightward. D) coffee leftward.