Economic activity moves from a trough into a period of ________ until it reaches a ________ and then into a period of ________.
A. recession; peak; expansion
B. recession; trough; expansion
C. expansion; trough; recession.
D. expansion; peak; recession
Answer: D
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For a duopoly, the maximum total profit is reached when the duopoly produces
A) the same amount of output as the competitive outcome. B) the same amount of output as the monopoly outcome. C) an amount of output that lies between the competitive outcome and the monopoly outcome. D) more output than the competitive outcome. E) less output than the monopoly outcome.
Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews rises from $4 to $6, the market quantity demanded would
A) decrease by 33 lbs. B) increase by 33 lbs. C) increase by 39 lbs. D) decrease by 39 lbs.
Juanita is preparing to study for her economics final exam. She tells her friend that she will be happy if she just gets a B, even though she could likely earn an A if she studied harder. Juanita is what Herbert Simon would call a
a. rational maximizer. b. satisficer. c. homo economicus. d. screener.
Which of the following would cause an increase in quantity of wheat supplied?
A. The price farmers receive for their wheat rises B. The price firms pay for liability insurance falls C. New, better technology for farming is introduced D. The price of fertilizer farmers use in their fields falls