The supply of avocado's in Texas is determined by all of the following EXCEPT:
The population of Texas.
The input costs of growing avocado's.
The technology associated with picking
The number of avocado suppliers in Texas.
The subsidies ava
The demand for toothpaste is the relationship between the _ of toothpaste and the
quantity demanded; supply
quantity demanded; quantity supplied
price; quantity demanded
price; quantity supplied
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Which of the following is NOT a
In which type of economy do we see the supply of food, electricity, housing and other goods
and services provided by the government?
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In which type of economy do wee see a plent
2. Which of the following would most likely have an inelastic demand?
Cell phone service
Insulin for diabetics
When the demand for a good is elastic, the demand curve for that good tends to be:
If the demand for electricity is perfectly inelastic, an increase in the price of electric power
will cause quantity demanded to _ and total revenue will _ for the power
increase, not change
In In the market economy, the basic questions of what, how and for whom to produce, are
the forces of supply and demand
the federal bank
1 of 1
The amount a supplier is willing and able to supp
Which of the following is most likely to be purchased in the factor market?
You will choose two answers for this question.
Shampoo and dog food
Cement and copper wire
Opera tickets and sushi
Dirt and timber
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2. Which of the following is a true statement?
I. The calculation of economic profit includes explicit and implicit costs of production.
II. Accounting profit is usually greater than economic profit.
III. Economic profit is usually greater than accounting
For the wheat farmer and the electricity supplier the price that corresponds to the shut down
point equals _ for the farmer and _ for the electricity monopolist.
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The monopoly firm will produce _ unit
Remember, surplus is determined by subtracting the cost of production from the
selling price. The difference is the surplus.
What was the total producer surplus for the Sunny Sea Shell Company on all boards sold?
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The Battle Between Environmentalists and Non-Environmentalists
The battle between environmentalists and non-environmentalists has been an ongoing one. Both
groups fiercely defend their ideals and any opposition is strongly opposed. Edward O. Wilson perfec
A special case of imperfect competition is oligopoly. Similar to monopolistic competition,
the same principles you learned regarding Perfect Competition and Monopoly hold true
here. For a firm to maximize its profits, it must produce where its
Whenever the government believes that a company has grown too large or
powerfulor has the potential to become too powerful over prices and outputthe
government will often step in and regulate that company in order to achieve a more
In this module, we'll look at how the majority of firms in the US operate, that is, as either
an Oligopoly or Monopolistic Competition.
Hector runs a successful landscaping business near Orlando, Florida. With
professionally designed landscapes
Before we looked at the two forms of imperfect competition (monopolistic competition
and oligopoly), let's review perfect competition and monopoly.
What are the consequences for consumer surplus, producer surplus and economic
efficiency, as a r
Question 1 (Worth 2 points)
Emma owns a flower shop in Tampa. She pays $3,091 per month to lease her building, $2,208
in wages, $1,887 for flowers and other supplies and she produces 662 flower arrangements per
month. Suppose Emma sells her flower arrange
Micro 3.08 FRQ
a. In order for a monopoly to maximize their profit, they must maximize marginal
revenue. This occurs where MC=MR.
b. Consumer surplus is shown in yellow, producer surplus is shown in blue.
c. Deadweight loss is shown in red.
1. If Enviromax wants to maximize profit, what price would they charge? $30, since
profit is maximized when MR=MC.
2. What is their profit per unit if they are operating at the profit maximizing output?
$3 is their profit per unit, since for 10 units, the
Market for Toilet Bowls
After the federal
regulations, it costs
more money to use
the technology to
create and install
toilets that use less
water. The producer
3.12 Market Structure
Questions are highlighted in yellow
1. In each of the following situations, identify if there is a positive or negative externality in
play. Explain you answer thoroughly.
1. A local bridal shop shares a strip mall with eight other businesses. Recently al