If a firm collects $90 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $105 in revenue when it sells 6 units, then one can infer the firm is a:
A. price taker.
B. monopolist.
C. profit maximizer.
D. perfect competitor.
Answer: B
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Economics is the study of how
A) people make money. B) preferences are determined. C) psychology influences preferences. D) people make choices.
Majority of slaves that were brought to the New World during the colonial period were used in the production of:
a. cotton. b. sugar. c. tobacco. d. rice.
The price paid by buyers in a market will decrease if the government
a. increases a binding price floor in that market. b. increases a binding price ceiling in that market. c. decreases a tax on the good sold in that market. d. All of the above are correct.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.