A U.S. grocery chain purchases olive oil from Tunisia and sells it to U.S. consumers. In which of the following is this transaction included?
a. U.S. consumption and U.S. imports
b. U.S. consumption but not U.S. imports
c. U.S. imports but not U.S. consumption
d. neither U.S. consumption nor U.S. imports
a
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The table above shows the marginal costs and marginal benefits of college education. The marginal private cost of college education at the efficient quantity of enrollment is
A) $8,000 per year. B) $12,000 per year. C) $14,000 per year. D) $16,000 per year.
Assume the production technology changes for a good that is currently produced in a perfectly competitive market
In particular, the new technology is such that the marginal costs of production for a single firm decline over the entire range of the demand curve for the good in question. How would this affect the number of firms that operate in this market? Explain.
What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910. b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process. c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process. d. The Grandy process replaced both the open-hearth process and older technologies.
The requirement that New York City taxi drivers own a "medallion" in order to operate a taxi in the city reduces competition and raises the fares that customers pay
a. True b. False