If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year.
A. 300; 450
B. 300; 200
C. 200; 450
D. 450; 200
Answer: A
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Use the following figure to answer the question below.
Point A in the figure above is
A. not attainable. B. attainable and efficient. C. efficient. D. attainable but not efficient.
If a firm raises the price of its product, its total revenue will
a. always increase b. increase only if demand is price inelastic c. increase only if demand is price elastic d. remain constant, regardless of price elasticity of demand e. never increase
According to the FTC, antitrust regulations are in place because mergers that lessen competition can lead to:
a. too many goods and services. b. higher quality products. c. higher prices. d. a decentralized market.
Consider an industry that is in long-run equilibrium. An increase in demand leads to no change in the price of the good. We know that this is
A) a decreasing-cost industry. B) a constant cost industry. C) an increasing-cost industry. D) not a competitive industry.