Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets produced domestically?
What will be an ideal response?
40
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If the slope of a demand curve is infinite, then the price elasticity of demand is:
A. one. B. zero. C. infinite. D. equal to the price of the good.
A rightward shift of long-run aggregate supply due to technology advances without any change in aggregate demand
A. increases the price level without any change in real GDP. B. results in a lower price level. C. will leave real GDP unchanged. D. increases the price level along with an increase in real GDP.
Which of the following can the Fed do to change the money supply?
a. change reserves or change the reserve ratio b. change reserves but not change the reserve ratio c. change the reserve ratio but not change the reserve ratio d. neither change reserves nor change the reserve ratio
Which of the following best denotes the reason for the existence of substantial black markets?
A. a market-oriented economy B. a command economy C. government laws and rules D. the microeconomy