Goods that are not rival in consumption include both
a. private goods and common resources.
b. club goods and public goods.
c. common resources and public goods.
d. private goods and club goods.
b
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The largest loss a profit-maximizing perfectly competitive firm can incur in the short run equals its
A) average variable cost multiplied by output. B) total fixed cost. C) marginal cost multiplied by the number of units produced. D) average total cost multiplied by the number of units produced. E) total variable cost.
The above figure shows the U.S. market for chocolate. With international trade, ________ is the transfer of surplus from producers to consumers
A) area B +area C + area D B) area B C) area C + area D D) area A E) area E
Producer surplus equals
a. Value to buyers - Amount paid by buyers. b. Amount received by sellers - Costs of sellers. c. Value to buyers - Costs of sellers. d. Value to buyers - Amount paid by buyers + Amount received by sellers - Costs of sellers.
To an American, the demand curve for euros tells
a. that Americans do not want to purchase euros b. how many euros Americans would want to buy in a given time period, at each different exchange rate c. the real interest rate on foreign currency over time d. how many Americans are willing to buy euros e. how many euros have been purchased during a given time period