Refer to the given data. At a world price of $5:
Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta. Q s is domestic quantity supplied and Q d is domestic quantity demanded.
A. Alpha will want to import 50 units of steel.
B. Beta will want to import 60 units of steel.
C. Alpha will want to export 50 units of steel.
D. neither country will want to export steel.
C. Alpha will want to export 50 units of steel.
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Excess capacity occurs in long-run equilibrium under monopolistic competition so that: a. price is less than marginal cost
b. price exceeds minimum average cost. c. marginal revenue exceeds price. d. all of the above occur.
Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, this firm's total revenue at its profit-maximizing level of output is ________.
A. $1,800 B. $3,000 C. $2,400 D. $900