Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and by how much?
A) Its profit will be $6,000 lower. B) Its profit will be $700 lower.
C) Its profit will be $700 higher. D) Its profit will be $6,700 higher.
C
Economics
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The supply curve for land in New York City is most likely
A) horizontal or perfectly elastic. B) a downward sloping straight line. C) an upward sloping straight line. D) vertical or perfectly inelastic.
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The tax revenues of local governments are typically
A. slightly less than their expenditures. B. more than their expenditures. C. equal to their expenditures. D. less than one-half of their expenditures.
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