In the above figure, what is the profit at the profit-maximizing output level?
A) $70
B) $2
C) $20
D) $10
C
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If more people join carpools and travel to work together
A) the demand curve for freeway space shifts leftward. B) the supply curve for freeway space shifts rightward. C) the supply curve for freeway space shifts leftward. D) a and b E) none of the above
The above figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point B to point D?
A) 500 bottles of wine B) 2 bottles of wine C) 1/2 of a bottle of wine D) 1000 bottles of wine E) None of the above answers is correct.
Which of the following would cause an increase in the supply of cheese?
A) an increase the price of a product that producers sell instead of cheese B) an increase in the price of cheese C) a decrease in the price of wine (assuming that cheese and wine are complements) D) an increase in the number of firms that produce cheese
If people in the United States buy more of a foreign good when its price falls, then
A. the exchange rate will increase when there is inflation. B. the demand curve for U.S. dollars will slope up. C. the supply curve for U.S. dollars will slope up. D. fixed exchange rates will make foreign exchange markets more efficient.