Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer maximizes profits, his per-bushel profit will be
A. $2.
B. $4.
C. $9.
D. $15.
Answer: B
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Ceteris paribus, as the price of a good or service increases
A) people will buy more of it. B) people will buy less of it. C) people will want less of it. D) people will want more of it.
How much would Nadia be willing to pay for the insurance?
a. $900 b. $1000 c. $1100 d. $1200
A perfectly competitive firm producing 100 units of output per period finds that: Average total cost is $20; Average variable cost is $12; Marginal cost is $18 and increasing; Price of the product is $15. This firm should
a. produce more output b. raise the price of its product c. reduce production without shutting down d. shut down (reduce output to zero) e. do nothing (it is currently maximizing profit)
Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much more will be in your account if the interest rate is 6 percent rather than 4 percent?
A. $880 B. $5,617 C. $2,390 D. $7,369