Find equilibrium price and quantity.
$30; 60
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Use the following graph to answer the next question.
If the industry were a pure monopoly, the profit-maximizing price would be ________.
A. $8 B. $14 C. greater than $16 D. $16
If the marginal benefit of consuming another unit of a good is positive, then to reach the allocatively efficient level of output more of the good should be produced and consumed
A) no matter what. B) as long as the consumer can afford to pay for it. C) if the total benefit of the good is greater than its total cost. D) if the marginal benefit of the good is greater than its marginal cost.
Which of the following exchange rate systems have a legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate?
a. Gold standard b. Gold exchange standard c. Crawling band d. Horizontal band e. Currency board
Income taxes are an automatic stabilizer because when income rises, ceteris paribus, tax receipts
A. Fall as taxpayers experience bracket creep. B. Rise because taxes are computed on the basis of income. C. Fall because income taxes are regressive. D. Fall because automatic stabilizers work against the cyclical movements of the GDP.