What is the price and quantity of coffee for the second-highest point on the market supply curve?
a. $3 per pound; 3,000 pounds of coffee per year
b. $3 per pound; 5,000 pounds of coffee per year
c. $4 per pound; 7,000 pounds of coffee per year
d. $5 per pound; 7,000 pounds of coffee per year
c. $4 per pound; 7,000 pounds of coffee per year
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If the wage rate drops, an employer will be willing to hire more workers, ceteris paribus.
Answer the following statement true (T) or false (F)
Opening this economy to trade would benefit ________ and harm ________.
A. domestic car consumers; domestic car producers B. domestic car producers; domestic car consumers C. everyone; no one D. no one; everyone
The long-run average cost of production is defined as:
A. total cost divided by the quantity of output the firm chooses when at least one factor is fixed. B. total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size. C. the quantity produced by a firm that can choose any size production facility. D. the quantity produced by a firm when at least one factor is fixed.
When very few substitutes for a good exist, demand will be
A. inelastic. B. elastic. C. perfectly elastic. D. unit-elastic.