General Motors estimates that U.S. demand for its newest product will be: Qus = 30,000 - 0.5P. Export demand will be Qex = 25,000 - 0.5P. The total market demand curve for this product will be a
A) straight line with a slope of -0.5.
B) straight line with a slope of -1.0.
C) kinked line with the kink at Q = 25,000.
D) kinked line with the kink at P = 50,000.
E) none of the above
D
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The efficient quantity of a pure public good occurs when the marginal cost of producing that good equals the
A) marginal benefit to the median voter. B) marginal benefit to each individual. C) sum of all individual marginal benefits. D) sum of all individual marginal benefits divided by the number of voters.
Which of the following has the highest farm subsidies as a percent of the value of production?
A. Japan B. The European Union (EU) C. The United States
Without specialization countries would have ________ goods.
A. the same amount of B. more C. fewer D. new
Refer to Figure 16-2. What is the quantity sold to each group of customers and what is the total quantity sold?
A) quantity sold to students = Qc; quantity sold to non-students = Qe; total sales = Qe+Qc B) quantity sold to students = Qb; quantity sold to non-students = Qb; total sales = Qa C) quantity sold to students = Qc; quantity sold to non-students = Qb; total sales = Qb+Qc D) quantity sold to students = Qc; quantity sold to non-students = Qd; total sales = Qd+Qc