The following graph shows the market equilibrium for corn in the United States. If the world price of corn is $2 and there are no trade restrictions, the United States will:
What will be an ideal response?
produce 3,000 bushels of corn, consume 7,000 bushels of corn, and import 4,000 bushels of corn.
Economics
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When MR = MC
A) marginal profit is maximized. B) total profit is maximized. C) marginal profit is positive. D) total profit is zero.
Economics
Prohibiting price increases in situations of true scarcity
a. prevents the market mechanism from reallocating resources more efficiently. b. discourages production. c. may lead to extreme shortages of vitally needed products. d. All of the above are correct.
Economics