Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. Figure 8.9
Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce
A. 350 bales of hay.
B. 500 bales of hay.
C. 750 bales of hay.
D. a level of output that is indeterminate from this information.
Answer: A
Economics
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Making a choice at the margin means
A) letting someone else choose for you. B) waiting until the last minute to make a choice. C) deciding to do a little bit more or a little bit less of an activity. D) making a choice by comparing the total benefit and the total cost.
Economics
Refer to Figure 5-6. What does D1 represent?
A) the demand curve reflecting private benefits B) the demand curve reflecting social benefits C) the social welfare curve D) the positive externalities curve
Economics