Refer to the following graph.
Elasticity is smallest at which point?
A. A
B. B
C. C
D. D
Answer: D
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Residential housing consumption is not affected by U.S. personal income taxes.
A. True B. False C. Uncertain
When everyone correctly anticipates that the Fed will buy government securities, then they know that prices will increase. Which of the following adjustments is not likely to occur?
A) Workers will negotiate higher wages. B) Suppliers of resources will demand higher prices for their resources. C) Producers will prevent the price level from increasing and hurting their sales. D) Producers will raise prices.
The figure below shows a situation where the producers of Good X are forming an international cartel. Here, MR = Marginal Revenue, and MC = Marginal Cost.
If the producers of Good X form a cartel and set a monopoly price for the output, the price per unit would be ________ and the cartel profits (before subtracting any fixed costs) would be
A. $1,000; $40 billion. B. $500; $10 billion. C. $600; $90 billion. D. $1,000; $60 billion.
Refer to the provided graph of a competitive market. If the output level is Q1, then there are efficiency losses indicated by the area
What will be an ideal response?