To maximize joint profits, the members of a cartel have to determine the level of industry output by setting marginal revenue qual to the cartel's joint marginal costs of production
Indicate whether the statement is true or false
TRUE
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Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Cindy's opportunity cost of producing 1 taco is
A) 3/4 of a pizza. B) 1 pizza. C) 30 pizzas. D) 40 pizzas. E) 1 1/3 tacos.
If an early frost destroys most of the apple crop, the equilibrium price of an apple ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases E) does not change; decreases
Which of the following defines the "store of value" function of money?
a. A common measurement of the relative value of different goods and services. b. The ability of money to hold value over time. c. That the materials used to manufacture money are of medium grade or quality, so that people will not hoard money for its commodity value. d. That money is widely accepted in exchange for goods and services.
Refer to the diagram above. The straight line E drawn through the wavy lines would provide an estimate of the:
a. Recovery trend b. Recession fluctuation c. Natural rate of unemployment d. Economic growth trend