This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The figure above shows the market for cotton in Georgestan. The government regulates the market with ... (Read 81 times)

saraeharris

  • Hero Member
  • *****
  • Posts: 546
on: Jun 29, 2018
The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year.
 
  With the quota in place, the amount of cotton produced in Georgestan is ________ because the marginal social cost of a pound of cotton is ________ the marginal social benefit of a pound of cotton. A) inefficient; less than
  B) inefficient; greater than
  C) efficient; less than
  D) efficient; equal to

Question 2

The figure above shows the demand and cost curves for a single-price monopoly. What price will the firm charge?
 
  A) 50 per unit
  B) 30 per unit
  C) 20 per unit
  D) 10 per unit


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

chevyboi1976

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


saraeharris

  • Hero Member
  • *****
  • Posts: 546
Reply #2 on: Jun 29, 2018
Correct answers!


chevyboi1976

  • Sr. Member
  • ****
  • Posts: 344
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

The Seringapatam medal shows a lion defeating a tiger The Seringapatam medal shows a lion defeating a tiger
Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th
This red-bellied lemur shows clearly the traits that characterize strepsirhine primates. This red-bellied lemur shows clearly the traits that characterize strepsirhine primates.
Reconstructed Australopithecus afarensis spine shows that species walked upright. Reconstructed Australopithecus afarensis spine shows that species walked upright.
Prices for Cotton and for Slaves, 1802–1860 Prices for Cotton and for Slaves, 1802–1860
Monitoring shows that many forms of air pollution have decreased Monitoring shows that many forms of air pollution have decreased
Video: Role of the respiratory system - effect of altered ventilation rates

For a complete list of videos, visit our video library