If demand is represented as Qd = 18 - 6P and supply is represented as Qs = 3 + 9P, the equilibrium price is
A. $1.
B. $4.
C. $7.
D. $12.
Answer: A
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Marginal cost is the ________ one more unit of a good and ________ of the good increases
A) opportunity cost of producing; increases as production B) opportunity cost of producing; decreases as production C) price that must be paid to consume; increases as consumption D) price that must be paid to consume; decreases as consumption
Two government organizations that are responsible for initiating actions against possible antitrust cases are:
A. the Department of Justice and the Department of Commerce. B. the Department of Commerce and the Federal Reserve. C. the Department of Justice and the Federal Trade Commission. D. the Department of Labor and the Department of Commerce.
Mikki decides to work five hours the night before her economics exam. She earns an extra $75, but her exam score is 10 points lower than it would have been had she stayed home and studied. Her opportunity cost is the:
a. five hours she worked. b. $75 she earned. c. 10 points she lost on her exam. d. time she could have spent watching television. e. guilt she feels about neglecting her economics studies.
Social insurance programs do not provide
a. disability payments b. Medicare payments c. international aid d. unemployment income e. retirement income