Refer to above figure. In the absence of trade, what is the country's consumer surplus?
What will be an ideal response?
$180
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The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound
If a worker costs $800 per month, how many workers will Peter employ to maximize profit? A) zero B) one C) two D) four
Refer to Figure 13-17. Suppose the firm is currently producing Qf units. What happens if it increases its output to Qg units?
A) It will move from a zero profit situation to a loss situation B) Its average cost of production will fall and its profit will rise. C) It will move from a zero profit situation to a profit situation D) It will be taking advantage of economies of scale and will be able to lower the price of its product.
A corporate merger occurs when: a. two formerly separate firms combine to become one single firm
b. one firm purchases another firm. c. two formerly separate firms decide to charge the same price for a product. d. one firm follows the exact actions of another firm.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher