Refer to the above table. If the price is $6 the maximum profit this firm could earn is
A. $210.
B. $420.
C. $630.
D. $414.
Answer: A
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While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________
A) is zero, approaches infinity B) approaches infinity, is zero C) is zero, is zero D) approaches infinity, approaches infinity
Which of the following conditions is necessary in order for the private market to efficiently solve an externality problem?
a. The person who creates the externality must have the legal right to do so. b. The person harmed by the externality must have a legal right to be compensated. c. The value of any side payment must be smaller than the marginal cost of producing the externality. d. The value of any side payment must be smaller than the marginal cost of creating the externality. e. Side payments must be arranged without cost.
This table shows the price-level adjustment as compared to the United States. CountryPrice-Level AdjustmentAustralia-0.50China0.25Mexico0.34United States0.00According to the information in the table shown, if someone were earning $30,000 in the United States, approximately what would they have to earn in China to have the same standard of living?
A. $22,500 B. $40,000 C. $7,500 D. $15,000
Stephenie can tell if her car has been fixed or not-it works, or it doesn't-but she cannot tell how it was fixed. The car repair is a(n)
A. experience good. B. credence good. C. luxury good. D. search good.