Suppose that Figure 10.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it would produce a quantity of:
A. 30 units.
B. 50 units.
C. 60 units.
D. There is not sufficient information.
Answer: B
Economics
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A factor of production that can be easily changed in the relevant time period is called a
A) fixed input. B) temporary input. C) variable input. D) substitution input.
Economics
Assume the demand curve is line AD. If price is OF, the consumer surplus is bounded by letters
A. OAFB.
B. OACE.
C. FBD.
D. ECD.
Economics
Which of the following would cause an increase in aggregate demand in the short run?
A. an increase in the supply of money B. a decrease in the price level C. an increase in taxes D. a crop failure
Economics
Which of the following are complementary goods?
A) sport utility vehicles and gasoline B) butter and margarine C) white wine and red wine D) trucks and sedans
Economics