The above figure shows the cost curves for a typical firm in a market and three possible market supply curves. If there are 100 identical firms, the market supply curve is best represented by
A) curve A.
B) curve B.
C) curve C.
D) either curve A or B, but definitely not C.
C
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Identify the two losses of efficiency associated with the imposition of a tariff
What will be an ideal response?
Marginal decision-making is best demonstrated by: a. choosing to spend one more hour studying economics because the improvement in scores on the next quiz will be worth the sacrifice of time. b. deciding to never purchase a coat made of animal skin or fur
c. acquiring the information relevant to a choice before making that choice. d. measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake.
The source of the supply of loanable funds is
a. saving, and the source of the demand for loanable funds is investment. b. consumption, and the source of the demand for loanable funds is investment. c. investment, and the source of the demand for loanable funds is saving. d. the interest rate, and the source of the demand for loanable funds is saving.
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2015 the CPI was 226. What does this "226" mean?
A) What cost $100 in 1983 on average cost 226 times as much in 2015. B) What cost $100 in 1983 on average cost $226 more in 2015. C) What cost $100 in 1983 on average cost 100/226 (or 0.44 ) times as much in 2015 (that is, it will cost $22 in 2015). D) What cost $100 in 1983 on average cost $126 more in 2015.