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

Author Question: Assume that the government of a nation prohibits producers from extracting crude oil from some ... (Read 56 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
on: Jun 30, 2018
Assume that the government of a nation prohibits producers from extracting crude oil from some domestic oil fields. Which of the following will be witnessed in the market for crude oil?
 a. The domestic and world price of crude oil would remain unaffected.
  b. The domestic price of crude oil would increase.
  c. Oil import from the world market would decline.
  d. The world price of crude oil would increase.

Question 2

Given a perfectly competitive market structure at the profit-maximizing output level, a firm's total fixed cost is 15, total variable cost is 137, marginal revenue is 4, and the quantity demanded is 65 . The total profit earned by the firm is 108.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

connor417

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

True


laurencescou

  • Member
  • Posts: 593
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

ttt030911

  • Member
  • Posts: 315
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

This chart illustrates the “drip down” model of government. In this, politics is formed by the soc This chart illustrates the “drip down” model of government. In this, politics is formed by the soc
This graphic illustrates the original systems model of politics advanced by David Easton. Politics This graphic illustrates the original systems model of politics advanced by David Easton. Politics
In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th In the summer of 1793, a yellow fever epidemic struck Philadelphia, killing nearly 4,000. Tens of th
Canada's Major Fertilizer Producers and their Products Canada's Major Fertilizer Producers and their Products
World Crude Oil Production, 1900–2010 World Crude Oil Production, 1900–2010
Government By the People, 2016 Presidential Election, 26th Edition Government By the People, 2016 Presidential Election, 26th Edition
Video: The Lac Operon in E. Coli

For a complete list of videos, visit our video library