Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?

Refer to the figure above. If John spends his entire income on tables, how many tables can he purchase?

A) 8 B) 10 C) 30 D) 40

Whenever a decrease in output leads to an increase in profit, the

a. marginal revenue curve lies above the marginal cost curve b. total cost curve intersects the total revenue curve c. marginal cost curve is parallel to the marginal revenue curve d. marginal cost curve lies above the marginal revenue curve e. total cost curve lies above the total revenue curve