In Figure 17.3, an increase in the demand for labor will cause the equilibrium:
A. wage and hours of labor used to increase.
B. wage and hours of labor used to decrease.
C. wage to increase and hours of labor used to decrease.
D. wage to decrease and hours of labor used to increase.
Answer: A
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The above figure shows the marginal social benefit and marginal social cost curves of chocolate in the nation of Kaffenia. What is the efficient quantity of chocolate to produce each day?
A) zero B) 100 pounds C) 150 pounds D) 250 pounds
Which of the following statements is true about profit?
A) Profit refers to the revenue received from the sale of a quantity of goods. B) The terms "accounting profit" and "economic profit" can be used interchangeably. C) Profit is calculated by multiplying price and quantity sold. D) Profit is the difference between revenue and cost.