If the industry in the above figure was perfectly competitive, the level of output would
A) be less than the single-price monopoly level of output.
B) be the same as the single-price monopoly level of output.
C) exceed the single-price monopoly level of output by 20 units per day.
D) exceed the single-price monopoly level of output by 60 units per day.
Answer: C) exceed the single-price monopoly level of output by 20 units per day.
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Other things constant, which of the following is likely to increase the supply of wheat?
A) an increase in the cost of fertilizer B) a decrease in the price of bread C) a decrease in the price of corn D) an increase in land prices E) an expectation that the price of wheat will be higher in the near future
Export embargoes cause greater losses to consumer surplus in the target country
A) the lesser its initial dependence on foreign produced goods. B) the more elastic is the target country's demand schedule. C) the more elastic is the target country's domestic supply. D) the more inelastic the target country's supply. E) the larger the target country's labor force is.
A straight-line production possibilities curve has
A) an increasing opportunity cost between the two goods. B) a decreasing opportunity cost between the two goods. C) a constant opportunity cost between the two goods. D) no opportunity cost between the two goods.
If the number of people employed is 190 million and the number of people in the labor force is 200 million, then the employment rate is
A. 5%. B. 10%. C. 90%. D. 95%.