Refer to the information provided in Figure 6.4 below to answer the question(s) that follow.
Figure 6.4Refer to Figure 6.4. Bill?s budget constraint is AC. If the bell peppers price decreases, Bill?s budget constraint will
A. swivel toward AD.
B. remain at AC.
C. swivel toward AB.
D. The budget constraint is not depicted on the diagram.
Answer: D
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To improve living standards, policymakers should
a. impose restrictions on foreign competition. b. formulate policies designed to increase productivity. c. impose tougher immigration policies. d. provide tax breaks for the middle class.
Josh is eating pizza at his favorite Italian restaurant. Below is his utility from this consumption:Table 19.1Slice of PizzaTotal UtilityMarginal UtilityFirst slice2020Second slice3919Third slice-15Fourth slice59-Refer to Table 19.1. The marginal utility Josh enjoys from the fourth slice of pizza is
A. 20 utils. B. 0 utils. C. 5 utils. D. 54 utils.
This problem should be done in four steps. First, fill in the table directly below. Assume that fixed cost is $100 and price is $79. Second, on the graph paper draw the graphs of the firm's demand, marginal revenue, average variable cost, average total cost, and marginal cost curves. Be sure you label the graph correctly. Indicate the firm's short-run and long-run supply curves, and the break-even and shutdown points. Third, calculate total profit in the space below and then answer questions A-D. Fourth, complete the second table.
A. The minimum price the firm would accept in the short run would be $___________.
B. The minimum price the firm would accept in the long run would be $___________.
C. The output at which the firm would operate most efficiently would be ___________.
D. The output at which the firm would maximize profits would be ___________.
The level of unemployment that is equal to the frictional and structural rate in the long run is sometimes referred to as
A. the natural rate of unemployment. B. cyclical employment. C. the zero unemployment rate. D. the total rate of unemployment.