The following table shows cost data for a perfectly competitive firm.OutputAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$300$100$400$1002150752255031007017060475731488256080140108650901401407431031461828381191572349331381712831030160190361If the product price is $283, the per-unit economic profit at the profit-maximizing output is
A. $152.
B. $76.
C. $0.
D. $112.
Answer: D
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An industry with a concentration ratio of 100 would have no more than ___ firm(s).
A. 1 B. 2 C. 3 D. 4
Suppose that in the economy of Boise, Amy earns an income of $50,000 a year and pays $10,000 in income taxes; Bailey earns an income of $25,000 a year and pays $8,000 in income taxes. Based on this information, we could say that Boise's tax system is
A) proportional. B) progressive. C) regressive. D) flat.
The immediate effect of increased population growth, with real GDP growth unchanged, is to
A. increase economic growth by stimulating more saving. B. leave economic growth unchanged. C. reduce economic growth by reducing per capita real GDP. D. increase economic growth by boosting the capital stock.
Assume there is no government or foreign sector. If the MPS is 0.05, the multiplier is
A. 0.95. B. 10. C. 20. D. 50.