Bob's Burgers is well-known for introducing new types of burgers every month. However, after a year, it was seen that the cost of changing the price tags and food menu every month was greater than the profit earned. In order to minimize the cost, Bob's Burgers digitized its menu. The cost experienced by Bob's Burgers exemplifies _____
a. sunk costs
b. opportunity costs
c. menu costs
d. variable costs
c
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The price of a shirt is $20. Charlie can produce a shirt at a marginal cost of $10, Mac can produce a shirt for $18, and Dennis can produce a shirt for $22
For a shirt, Deandra has a marginal benefit of $25, Frank has marginal benefit of $20, and Artemis has a marginal benefit of $18. Which of the following statements is correct? A) The sum of consumer surplus is $5 and the sum of producer surplus is $12. B) The sum of consumer surplus is $12. C) Only Frank and Artemis will purchase a shirt. D) Only Dennis will produce a shirt. E) The sum of producer surplus is $10.
A market
A) always involves the personal exchange of goods for money. B) allows interactions between consumers and firms. C) always takes place at a physical location. D) has no influence on prices.
What are the total profits if four units are produced? a. 40
b. 70. c. -30. d. 20.
A duopoly is a market structure with: a. one buyer and one seller
b. two firms providing all the output. c. only two differentiated products. d. only a few dominant sellers and a limited number of buyers.