In the above figure, the efficient quantity of milk is
A) 10 million gallons per day.
B) 5 million gallons per day.
C) zero gallons per day.
D) None of the above because all of the quantities are efficient.
B
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The employment effect of a minimum wage increase is greater the
A. more elastic the demand for labor. B. less elastic the demand for labor. C. more the wage ceiling shifts the supply curve. D. more the wage floor shifts the demand curve.
If consumers expect that the price of pretzels will decrease next week, what would happen today?
A) Demand today for pretzels would decrease. B) Demand today for pretzels would increase. C) Demand today for pretzels would be unaffected. D) Supply today of pretzels would decrease.
If a bond dealer sells a government bond to the Fed for $100,000, and the reserve ratio is 10 percent, then the bank that receives a $100,000 deposit from the dealer can expand its loans by ________,
and the money supply can increase by as much as ________. A) $80,000; $800,000 B) $10,000; $100,000 C) $90,000; $1,000,000 D) $90,000; $900,000
Explain why on average the profit levels for invention and entrepreneurship are generally so low.
What will be an ideal response?