From the figures below, the market price of rockets is
A. 10.
B. 4.
C. 6.
D. 20.
A. 10.
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Which of the following would increase GNP in the United States?
A) an increase in the production of Japanese-owned Toyota cars in the U.S. B) an increase in the production of Japanese-owned Toyota cars in Mexico C) an increase in the production of Mexican-owned Grupo Minsa corn in the U.S. D) an increase in the production of U.S.-owned General Motors cars made in Mexico
Monopolies misallocate resources because
A) price does not equal marginal cost. B) price does not equal average variable cost. C) marginal cost does not equal average total cost. D) profits are usually positive.
Which of the following is not true concerning consumer surplus?
a. It is qraphically the area under the demand curve and above the market price. b. It does not exist in equilibrium. c. A leftward shift of the supply curve will decrease consumer surplus. d. A rightward shift of the supply curve will increase consumer surplus.
If a firm can segment its market, and the parts cannot communicate among themselves, then
A) arbitrage can occur. B) prices in the segments will tend to be equal over time. C) arbitrage cannot occur. D) the different elasticities will be equal over time.