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Question
In the above figure, what is the profit-maximizing output and price?
A) 8, $7
B) 10, $8
C) 12, $10
D) 10, $10
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Economic growth can be pictured in a production possibilities curve diagram byA) shifting the production possibilities curve in. B) shifting the production possibilities curve out.C) making the production possibilities curve straighter.D) moving from a point inside the production possibilities curve to a point on the curve.
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Markets tend to overallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Q:
Which of the following statements is FALSE?
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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A movement along the production possibilities curve would imply thatA) the labor force has grown.B) productivity has increased.C) society has chosen a different set of outputs.D) productivity has declined because workers are demanding more leisure.
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Goods X and Y are complementary goods. An increase in the price of good X has occurred. In the market for good Y this will lead toA) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.