Using Figure 1.4, we know the production of 9 units of soda and 1 unit of pizza is 
A. impossible because we have the technology but do not have the resources.
B. impossible because we have the resources but do not have the technology.
C. possible, but there would be unemployment.
D. possible, but only if all resources were fully employed.
Answer: D
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The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, the marginal cost of producing the fourth gallon of ice cream is
A) $2. B) $3. C) $5. D) $8. E) $32.
Tacit collusion among firms does not involve explicit agreements on pricing and output levels
a. True b. False
In which year did the United States account for half the world's manufacturing output?
A. 1925 B. 1945 C. 1965 D. 1985
A marketing survey shows that gate receipts would increase if the price of tickets to a summer rock concert increased, even though the number of tickets sold would fall. What does this imply about the price elasticity of demand for concert tickets?
A. Demand is inelastic B. Demand is elastic C. Demand is unit elastic D. Demand is perfectly inelastic E. Demand is perfectly elastic