Which one of the following is not one of the so-called G8 nations?
A. Japan.
B. Canada.
C. United States.
D. China.
D. China.
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The supply schedule
A) shows the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same. B) is the schedule that suppliers have to keep or else they will be late. C) shows the relationship between the quantity supplied and the price of a good when all other influences on selling plans change. D) shows one quantity at one price. E) is a curve showing the relationship between the amount the sellers are willing and able to sell and the price of that good when all relevant factors change.
Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the bulk of the U.S. industry were almost all put out of business by Hurricane Katrina
How did this affect the equilibrium price and quantity of shrimp?
It is appropriate to use the supply-and-demand model if, in a market,
A) everyone is a price taker with full information about the price and quality of the good. B) firms sell identical products. C) costs of trading are low. D) All of the above.
Under both perfect competition and monopoly, a firm:
a. is a price taker. b. maximizes profit by setting marginal cost equal to marginal revenue. c. will shut down in the short-run if price falls short of average total cost. d. always earns a pure economic profit.