When supply is ________ or the product is ________, then price is demand determined.
A. variable; unique
B. variable; standardized
C. fixed; standardized
D. fixed; unique
Answer: D
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The table gives the demand and supply schedules for boat rides. If the supply of boat rides increases by 20 rides a day, the price will ________
A) remain unchanged B) fall to $6 a ride C) rise to $6 a ride D) rise to $10 a ride
If AVC is subtracted from the ATC, the result is: a. economic profit
b. accounting profit. c. average fixed cost. d. marginal cost.
Refer to the graph shown. If this monopolist were allowed to choose the profit-maximizing level of output, it would produce:
A. 400 units of output. B. 800 units of output. C. 500 units of output. D. 300 units of output.
How can comparative advantage yield gains from trade?
What will be an ideal response?