Refer to the diagrams. If $4 is Firm B's profit-maximizing price, its:
A. ATC must be $4.
B. MC must be $4.
C. MR must be $4.
D. MC must be zero.
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Refer to Scenario 12.2. In this game, if both players end up playing their tough strategies, then
A) Eliza will donate a kidney and Jerome will not donate. B) both Eliza and Jerome will donate a kidney. C) Jerome will donate a kidney and Eliza will not donate. D) neither Eliza nor Jerome will donate a kidney.
Your weekly budget for gasoline and movie rentals is $45.00. Referring to the figure above, what is the price per movie rental?
A) $2.00 B) $2.25 C) $2.50 D) $3.00
The ________ posits that trade flows between countries will be larger as the economic sizes of the two countries are larger and the geographic distance between the two countries is smaller.
A. gravity model B. Heckscher-Ohlin model C. Stolper-Samuelson theorem D. theory of absolute advantage
Table 17.1Refer to Table 17.1. Suppose that this year the wage rate is $30 and the price of the good is $1. If the firm is maximizing profit, ________ workers will be hired. Next year the wage rate will increase to $40, but the price of the good will remain at $1. Then ________ workers will be hired.
A. 6; 5 B. 6; 6 C. 7; 6 D. 5; 5