Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.
Figure 9.2Refer to Figure 9.2. If demand for wheat is D2, then a profit-maximizing firm will produce ________ units and earn a profit of ________.
A. 13; $0
B. 13; $91
C. 15; $30
D. 7; $0
Answer: A
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Gross domestic product is calculated by summing up
A) the total market value of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total quantity of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a period of time.
"It is in the interest of each depositor to withdraw her money from a bank if all other depositors are doing the same, even when the bank's assets are sound." Discuss. As part of your answer clearly state whether the statement is true or false
What will be an ideal response?
A perfectly elastic demand:
A. means consumers are extremely sensitive to a change in price. B. means quantity demanded is unchanged if the price changes by any amount. C. is demonstrated by a vertical demand curve. D. has a price elasticity of 1.
Factors of production is another name for
a. the goods produced in a production possibilities table b. the goods not produced in a production possibilities table c. the goods produced in international trade d. resources e. money