An increase in the price of fuel and fertilizer used for corn would cause farmers to increase corn production in an effort to make up for lost profits
Indicate whether the statement is true or false
FALSE
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According to the above figure, if the firm is earning zero economic profits, what quantity is the firm selling and at what price?
A) Q = 200; P = $4 B) Q = 1,000; P = $5 C) Q = 800; P = $4 D) Q = 1,200; P = $7
Tina's marginal utility of her first piece of cake is 15, while Jerry's marginal utility of his first piece of cake is 24 . An economist would conclude that:
a. Tina likes cake more than Jerry likes cake. b. Jerry likes cake more than Tina likes cake. c. Tina likes cake less than Jerry likes cake. d. Jerry likes cake less than Tina likes cake. e. we can't make a comparison to see who values cake more.
Cost-push inflation is due to:
a. energy cost increases. b. labor cost increases. c. raw material cost increases. d. All of the answers are correct.
The Economy Tomorrow on "Harnessing the Sun" states that the percentage of electricity that is generated from burning oil and coal is:
A. Between 30% and 50%. B. Between 10% and 30%. C. Greater than 50%. D. Less than 10%.