A price searcher is any firm that has no control over price and must accept the market price as given
a. True
b. False
B
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Refer to Figure 12-1. If the firm is producing 500 units, what is the amount of its profit or loss?
A) profit equivalent to the area A B) loss equivalent to the area A C) profit of $280 D) There is insufficient information to answer the question.
Jerome says that he will spend exactly $25 each month on new apps for his mobile device, regardless of the price of apps. Jerome's demand for apps is
a. perfectly elastic. b. unit elastic. c. perfectly inelastic. d. somewhat inelastic, but not perfectly inelastic.
Based on the figure, if a union contract requires that the wage workers are paid be raised from $25 to $30 per hour, the number of unemployed workers will increase by ________ workers. 
A. 10 B. 8 C. 18 D. 17
Refer to Figure 6-19. Suppose a tax of $2 per unit is imposed on this market. How much will buyers pay per unit after the tax is imposed?
a. $3
b. Between $3 and $5
c. Between $5 and $7
d. $7