Refer to the table. If the price of each input is $5, the per-unit cost of production in the economy is:
Answer the question on the basis of the following information about the relationship between input quantities and real domestic output in a hypothetical economy:
A. $5.
B. $2.75.
C. $2.50.
D. $.40.
C. $2.50.
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Use the following graph for the milk market to answer the question below. In this market, the equilibrium price is ________ and equilibrium quantity is ________
A. $1.50 per gallon; 28 million gallons. B. $28 per gallon; 150 million gallons. C. $1.00 per gallon; 35 million gallons. D. $1.50 per gallon; 30 million gallons.
The above figure shows the market for the three moving companies in a small nation
If the movers act as perfect competitors, what is the price per mile and the number of miles per year? If the movers collude and act as a single monopoly, what is the price per mile and the number of lines per year?
"Higher ethanol production definitely and directly raises the price of corn," said USDA economist Ephraim Leibtag. In the short run in the corn market, what is TRUE if the production of ethanol increases?
A) The demand curve for individual corn farmers will shift upward. B) The price individual corn farmers receive will decrease. C) The total cost curve for individual corn farmers will shift upward. D) The marginal cost curve for individual corn farmers will shift downward.
If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.