Which of the following methods did the government adopt in order to keep agricultural prices from falling too low?
a. reliance on free-market equilibrium
b. soil bank programs
c. land purchase subsidies
d. mortgage relief
e. price ceilings
B
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A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
If a given production combination is efficient, then it must be:
A. below the production possibilities curve. B. on the production possibilities curve. C. above the production possibilities curve. D. either an attainable or unattainable point.
Which of the following combinations of hamburger and milkshake consumption yields consumer equilibrium?
a. 1 hamburger and 2 milkshakes b. 2 hamburgers and 2 milkshakes c. 3 hamburgers and 4 milkshakes d. 4 hamburgers and 4 milkshakes
Consumer surplus is:
a. ?the amount by which quantity supplied exceeds quantity demanded at the current market price. b. ?valued by the difference between the maximum price consumers are willing to pay and the amount they actually pay. c. ?the change in total utility derived from a one-unit change in the consumption of a good. d. ?the amount by which quantity demanded exceeds quantity supplied at the current market price. e. ?the horizontal sum of the individual demand curves for all consumers in the market.