The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the total exports of cherries from the United States to other nations equals
A) 200,000 pounds.
B) 400,000 pounds.
C) 600,000 pounds.
D) 800,000 pounds.
E) 0 pounds.
B
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In an oligopoly in which the firms have entered into a cartel agreement, the Nash equilibrium exhibits which of the following?
A) firms jointly maximizing profits B) the firms cheating on the cartel agreement, which benefits society C) production at a price and output level close to monopolistic competition in the long run D) the firms cheating on the cartel agreement, which harms society E) one firm cheating on the cartel agreement and the other firms complying with the cartel agreement.
Since a monopoly faces a downward-sloping demand curve,
a. then, as Adam Smith wrote, "the price of monopoly is upon every occasion the highest which can be got." b. price always exceeds average revenue. c. marginal revenue increases as output increases. d. the monopolist is a price maker.
Answer the question on the basis of the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.Suppose government has already produced 4 units of this public good. The amount individual B is willing voluntarily to pay for the fourth unit is
What will be an ideal response?
What is the opportunity cost of moving from point B to point C?
