The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
What is the maximum price that any buyer would be willing to pay for the first unit?
A. 15
B. 25
C. 35
D. 40
Answer: D
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The BP schedule shows the combinations of the interest rate and income
a. that clear the goods market. b. that leads to equilibrium in the balance of payments. c. that equate supply and demand in the foreign exchange market at a given exchange rate. d. and is always positively sloped. e. both b and d.
A monopolistically competitive firm chooses the quantity to produce where
a. price equals marginal cost. b. demand equals marginal cost. c. marginal revenue equals marginal cost. d. Both a and c are correct.
Which of the following types of unemployment would best characterize a swimming instructor's unemployment during the winter months?
A. Structural unemployment. B. Frictional unemployment. C. Seasonal unemployment. D. Cyclical unemployment.
The total value of all final goods and services produced by factors of production located within a nation's borders is
A. NI. B. PI. C. net investment. D. GDP.