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Author Question: The figure above shows the market for cotton in Georgestan. The government regulates the market with ... (Read 117 times)

saraeharris

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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


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chevyboi1976

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


saraeharris

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Reply #2 on: Jun 29, 2018
Correct answers!


chevyboi1976

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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