The economy does have a self-correcting mechanism that tends to eliminate either unemployment or inflation and tends to act slowly and unevenly.
Answer the following statement true (T) or false (F)
True
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At an output level of 8 thousand bushels, explain in terms of both marginal profit and total profit why the individual farmer should expand production.
In the competitive market for organic corn, market demand is QD = 340 – 2P and market supply is QS= 100 + 4P, where P is the price per bushel, and Q is market output in thousands of bushels. Each individual farmer faces a marginal cost function of MC = 10 + 3q, where q is the single farmer’s output level in thousands.
Household saving is the defined as consumption minus disposable income
a. True b. False
An example of a(n) ________________ is the U.S. Postal Service, which is the only entity allowed to deliver first-class mail.
a. natural monopoly b. artificial monopoly c. legal monopoly d. technological monopoly
Taxes on emissions have
A. led to firms discovering costless methods of extraction of pollutants from liquid discharges. B. led to increased waste disposal of pollutants. C. led to voluntary reduction in emissions to avoid the taxes. D. not been an efficient penalty. Firms continue to pollute.