Refer to the diagram. If this industry is comprised of only one seller, the profit-maximizing price and quantity will be:





A.  P 3 and Q 3 .

B.  P 1 and Q 3 .

C.  P 2 and Q 2 .

D.  indeterminate on the basis of the information given.


A.  P 3 and Q 3 .

Economics

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Refer to the above figure. Which of the following points indicates an inefficient use of resources?

A) a B) d C) e D) More information is needed to answer the question.

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a. True b. False Indicate whether the statement is true or false

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a. U-shaped b. vertical c. downward sloping d. upward sloping

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One reason stagflation is difficult to recover from is because:

A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.

Economics