The equilibrium quantity in the above figure is
A) 200 units.
B) 300 units.
C) 400 units.
D) 600 units.
B
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The net balance on the balance of payments accounts:
a. always shows a surplus. b. always shows a deficit. c. is always zero. d. is either positive or negative. e. is arrived at without considering omissions and errors in transactions.
In the long run, the level of output depends on the price level
Indicate whether the statement is true or false
Utilitarianism is the belief in a completely equal distribution of income for all people
Indicate whether the statement is true or false
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. If in the short run the number of firms is fixed and their fixed costs are sunk, how much does each of the active firms produce in the short run equilibrium?
A. 5 units B. 6 units C. 10 units D. 20 units