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 63 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 :)

at

  • Member
  • Posts: 359
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

A seasonal flu vaccine is the best way to reduce the chances you will get seasonal influenza and spread it to others.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and This chart illustrates the bottom up assumption about government. In this, attitudes, culture, and
This chart shows the various lines of responsibility and how they differ in presidential and parliam This chart shows the various lines of responsibility and how they differ in presidential and parliam
In 1790, as now, the most densely populated part of the nation was the coastal r In 1790, as now, the most densely populated part of the nation was the coastal r
Battle scene from The Birth of a Nation, directed by D. W. Griffith. Battle scene from The Birth of a Nation, directed by D. W. Griffith.
A mere one-half percent of Americans owns over a quarter of the entire nation’s wealth. Very few ... A mere one-half percent of Americans owns over a quarter of the entire nation’s wealth. Very few ...
Presidential success under unified and divided government, from Eisenhower to trump Presidential success under unified and divided government, from Eisenhower to trump
Video: Cardiac Cycle (Part 1 of 4)

For a complete list of videos, visit our video library