Under perfect competition, the market quantity is 
Figure 42.2
A. Q1.
B. Q2.
C. Qa.
D. Qb.
Answer: D
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Refer to Figure 17-6. Which of the following statements about Scheme II is false?
A) It is likely to draw highly productive workers who see the opportunity to increase their wages. B) It allows workers to increase their monthly wage without penalizing those who are content with their monthly wage. C) It is more risky for senior employees. D) It could discourage less productive workers and induce them to leave the firm.
A tornado siren is a
a. private good. b. club good. c. common resource. d. public good.
Which of the following is the best definition of economics?
a. Economics is the study of how society chooses to allocate its scarce resources. b. Economics is the study of how to manage city and county government to generate the greatest good to its citizens. c. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment. d. Economics is the study of how to track revenues and costs within a business.
Real GDP in a small country is worth $8 billion. The population of the country is 200,000. What is per capita Real GDP?
A) $30,000 B) $40,000 C) $60,000 D) $300,000