A country's economic welfare most directly depends on
A. what it can produce.
B. what its citizens can consume.
C. how many goods and services it exports.
D. how many goods and services it imports.
Answer: B
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The above figure shows supply and demand curves for milk. In an effort to help farms, the government passes a law that establishes a $3 per gallon price support, but allows farmers to decide how much milk to produce
The government then provides a deficiency payment to guarantee that the farmers receive $3 per gallon. The required deficiency payment equals A) b + c + f + g + h + i + j. B) b + c + f + g + h + i. C) f + g. D) b + c.
If input prices for perfectly competitive firms increase as the output of its industry expands: a. their short run average cost curves will shift up as the industry expands
b. after a permanent increase in demand, the long run equilibrium price will be higher than the original price. c. after a permanent increase in demand, the short run equilibrium price will be higher than the eventual long run equilibrium price. d. all of the above will be true.