Which of the following steps should you follow when using a formula?
A) Make sure the number you calculate using the formula is economically reasonable
B) Make sure you understand the economic concept the formula represents
C) Make sure you are using the correct formula for the problem you are solving
D) All of the above are steps you should follow when using a formula
Answer: D) All of the above are steps you should follow when using a formula
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Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. What will the market price be?
A) > $24 B) $24 C) $30 D) $54
One of the primary sources of diseconomies of scale is the inefficiencies associated with managing large scale operations
Indicate whether the statement is true or false
Recent research suggested that there are large health benefits from consuming cooked tomatoes. Holding other things constant, this will cause
a. The demand curve for tomatoes to shift to the right b. The demand curve for tomatoes to shift to the left c. The supply curve for tomatoes to shift to the right d. The supply curve for tomatoes to shift to the left
Monopolistic competition may lead to each of the following except
A. excess capacity. B. over-differentiation. C. peak efficiency. D. non-price competition.