Number of FigsVCMCAVCFCTCATC0???100??19090????2?????1353??80???4????400?Table 8.4Table 8.4 presents the cost schedule for David's Figs. If David produces two figs, David's average variable costs are:
A. $80.
B. $85.
C. $90.
D. $170.
Answer: B
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the producer surplus?
A) area A + area B + area C B) area A + area F C) area B + area C + area D + area F D) area C + area D + area E + area G E) area F
Pick the best answer using the economic way of thinking. If information is a scarce good, then ignorance might be
A) a sin. B) stupid. C) bliss. D) rational. E) inefficient.
While smoking is on the decline in the United States, China is still puffing away madly. That's not because the government is eager to protect its citizens from the hazards of smoking It's because China is eager to protect its own tobacco industry which is a state monopoly. Why did China announce in 2009 that it won't allow foreign companies to build new cigarette factories or enter joint ventures?
A) because China is concerned about the negative effects of smoking B) because China wants to protect the economic profits its state monopoly makes C) because China wants to protect jobs D) because China regulates the tobacco industry
In the realm of public policy, loss aversion makes it:
A. easy to identify which policies involve the largest efficiency gains. B. difficult to identify those who stand to lose from policy changes. C. easy to enact policy changes. D. difficult to enact policy changes.