Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?
A) $240
B) $540
C) $840
D) $3,300
B
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An important reason for the Industrial Revolution to have started in Britain is that:
A) there were high entry barriers in British markets. B) Britain had a patent system. C) entrepreneurship was discouraged in Britain. D) Britain had extractive institutions.
What would happen to the budget line if income increases by the same percentage as the price of the two goods decreases (that is income up by, say, 10 percent and the prices down by 10 percent)?
A. A rightward parallel shift in the budget line B. A leftward parallel shift in the budget line C. An upward pivot of the budget line D. The budget line is unaffected
Externalities are failures of
A. the market to correctly price resources. B. firms and consumers to make rational tradeoffs. C. firms to make rational tradeoffs. D. consumers to make rational tradeoffs.
Which of the following is not a characteristic of a public good?
a. It is scarce. b. It is not diminished in amount as additional people consume the product. c. Its benefits cannot be withheld from anyone. d. It is free. e. It yields widespread benefits.