In the long run a company that produces and sells laundry detergent incurs total costs of $2,500 when output is 1,250 units and $2,750 when output is 1,500 units. For this range of output, the laundry detergent company exhibits

Suppose that flower gardens create a positive externality equal to $1 per plant. What is the relationship between the equilibrium quantity and the socially optimal quantity of plants grown?

Holding all other factors constant and using the midpoint method, if a candy manufacturer increases production by 20 percent when the market price of candy increases from $0.50 to $0.60, then supply is

Figure 21-12 Refer to Figure 21-12. Which of the following statements is not correct?

Figure 15-4 Refer to Figure 15-4. If the monopoly firm wants to maximize its profit, it should operate at a level of output equal to

Figure 15-4 Refer to Figure 15-4. A profit-maximizing monopoly’s total revenue is equal to

Which of the following would shift the supply of Packers football jerseys to the right?

Figure 21-4 In each case, the budget constraint moves from BC-1 to BC-2. Refer to Figure 21-4. Which of the graphs in the figure could reflect an increase in income?

If the minimum wage exceeds the equilibrium wage, then

The Big Blue Sky jet company has long-run total costs of $20 million if it produces 5 jets and long-run total costs of $24 million if it produces 6 jets. The Big Blue Sky jet company is experiencing