Total profit can be calculated by:
a. c and e.
b. subtracting total revenue from total costs.
c. subtracting total costs from total revenue.
d. finding the product of the difference between average profit and average total cost and the quantity produced.
e. quantity produced times the difference between average revenue and average total cost.
a
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Which of the following would cause the demand curve for rice to shift to the left?
a. A rise in the price of rice. b. A blight that destroyed 75% of the rice harvest. c. A report claiming that the starch in rice causes heart disease. d. A tariff that doubles the price of imported spaghetti.
A product's price elasticity of demand is likely to be greater
A) if it only has a few substitutes. B) if consumers spend a small proportion of income on the product. C) the less time consumers have to adjust to price changes. D) if the product is a luxury good rather than a necessity. E) Both answers C and D are correct.
Direct controls work if
A. there is vigilance and enthusiasm in enforcement by the regulatory agency. B. the court system prosecutes cases no matter how long it takes. C. there are affordable penalties imposed by the legal system. D. each polluter pays the same charge for pollution reduction.
Which of the following decreases the supply of popcorn?
A) a decrease in the price of popcorn B) an increase in the price of popcorn C) a technological advance in the production of popcorn D) a decrease in the number of popcorn producers