A public franchise
A) is an unregulated monopoly necessary for the public good.
B) is a government designation that a private firm is the only legal producer of a good or service.
C) is a corporation that is owned by stockholders.
D) results from ownership of a key raw material.
B
Economics
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Given the total cost and total revenue curves in the figure above, what is the profit-maximizing output level?
A) 30,000 bushels B) 60,000 bushels C) 80,000 bushels D) All output levels occur between 30,000 and 80,000 bushels are profit-maximizing output levels.
Economics
If the demand elasticity for corn is -0.5, then a 5% increase in the quantity demanded to the market will result in a price change of
A. +5% B. +10% C. -5% D. -10%
Economics