If you knew that the vertical intercept for a straight line was 150 and that the slope of the line was 4, then the dependent variable would be 250 when the value of the independent variable is:
A. 15
B. 20
C. 25
D. 30
Answer: C
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Use the figure below to answer the following question.
An increase in supply would best be reflected by a change from
A. point 2 to point 5. B. point 1 to point 3. C. point 1 to point 2. D. point 3 to point 4.
A perfectly competitive firm's marginal revenue curve is downward sloping
Indicate whether the statement is true or false
Which statement best defines producer surplus?
a. the amount that a seller would have liked to have charged, minus the amount that they actually received b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
An externality is
a. always a benefit to the recipient b. always a detriment to the recipient c. an activity that occurs in a business that is unknown to management d. an unintended benefit or cost imposed on third parties resulting from market activity e. an act, caused by a firm located in this country, that has an effect on a person in a foreign country