What is the total cost at the break-even quantity calculated above?
a. $750
b. $850
c. $950
d. $1050
a
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For a perfectly competitive market in which firms face an identical constant marginal costs, the amount of consumer surplus increases if
A) market demand decreases. B) market demand increases. C) marginal cost increases. D) none of the above: insufficient information to answer.
One of the important points of criticism of industrial policy is that: a. it can lead to stiff competition among the domestic firms in an economy. b. small domestic firms will not be able to survive economic clustering
c. government sponsored research will end up benefitting foreign countries. d. it can prohibit regional innovations. e. the knowhow in one firm will not spill over to other firms in an economy.
Which of the following occurs during an expansion?
a. Output rises, employment rises and unemployment falls. b. Output falls, employment rises and unemployment falls. c. Output rises, employment falls and unemployment falls. d. Output rises, employment rises and unemployment rises. e. Output rises, employment rises and tax revenues fall.
If domestic and foreign prices rise by the same relative amount, what will happen to the trade balance?
a. It will rise. b. Nothing will happen. c. It will fall. d. Not enough information is provided to answer the question.