The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 250 gallons of milk per day is ________
A) maximum; $3.25
B) minimum; $3.25
C) maximum; $2.50
D) minimum; $2.50
B
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Suppose you are the owner of a softball team and you are hiring laborers (players). Suppose also that not all players are equally talented, but that union rules require that they all receive the same salary. If you measure output by the number of runs scored in a season, your total variable cost curve will take what shape, and why?
a. U-shaped because softball teams like this one are no different from other businesses b. U-shaped because even though salaries are identical, some players are better and will score more runs c. increasing but at different rates because there are only so many times players can come to bat d. increasing but at different rates because even though salaries are identical, some players are better and will score more runs e. increasing at a constant rate because union rules require uniform salaries for players
In a command socialist economy:
A) resources are government owned but individuals make some decisions over their use. B) resources are government owned and government exercises broad power over their use. C) resources are privately owned and individuals make decisions over their use. D) resources are privately owned but government exercises broad power over their use.
What is the relationship between financial market development and economic growth?
What will be an ideal response?
A game in which all the players are better off at the end of the game is a
A) tit-for-tat game. B) dominant strategy game. C) positive-sum game. D) noncooperative game.