At consumer equilibrium, the level of marginal utility per dollar spent is the same for all consumers
a. True
b. False
Indicate whether the statement is true or false
False
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The current price floor in the agricultural lettuce market makes it such that price of lettuce is 25% higher than equilibrium price and 100 heads of lettuce are demanded
Assuming that the elasticity of demand for lettuce is -0.50, what would be the equilibrium price and quantity of lettuce if the government removed the current price floor? A) Price = 0.875, Quantity = 125 B) Price = 1, Quantity = 112.5 C) Price = $0.75, Quantity = 112.5 D) Price = $0.75, Quantity = 125
Refer to Figure 8.1. At the profit-maximizing level of output, total profit is
A) -$120. B) $0. C) $432. D) $600. E) $603.
Which of the following will be an obstacle to oligopolistic collusion in a market?
a. government regulations restricting entry b. a relatively small number of oligopolistic firms c. unstable demand conditions d. uniform products
Which of the following is the most likely to be a fixed factor of production at a farm?
A. The number of workers hired to harvest the crops. B. The amount of water used each day. C. The land on which the farm is located. D. The amount of fertilizer used each week.