Exhibit 30-4
?
A. P3 - P1.
B. P4 - P3.
C. P3 - P2.
D. P2 - P1.
Answer: A
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Benjamin works as an economist for the federal government. Which of the following questions is he trying to answer as part of his job?
a. How can I communicate more effectively? b. What is the difference between artificial intelligence and emotional intelligence? c. How can government officials get themselves re-elected to office? d. What is the correlation between race and class? e. How do people use limited resources to try to satisfy unlimited wants?
Which of the following statements best describes the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. In the long run, positive economic profit will be eliminated. d. None of these.
Florencia has decided to make computer literacy mandatory in high schools. This is expected to bring about a technological growth and cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
In the long run, entry and exit in a perfectly competitive market will drive the price to the point where the: a. marginal cost curve intersects the average total cost curve at its minimum
b. marginal cost curve intersects the marginal revenue curve. c. marginal cost curve intersects the average variable cost curve at the shutdown point. d. marginal cost curve intersects the market demand curve.