Refer to the accompanying figure. For Chris, the opportunity cost of removing one bag of trash is planting:
A. 3 bulbs.
B. 1/3 of a bulb.
C. 1/25 of a bulb.
D. 25 bulbs.
Answer: A
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When will a profit-maximizing firm shut down?
a. when ATC x q is more than VC b. when ATC x q is less than VC c. when P x q is more than VC d. when P x q is less than VC
Which of the following is a source of government failure but is not typically an example of market failure?
A. Waste. B. Externalities. C. Monopoly. D. Inequity.
Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is PX = 40 ? 5QX; Consumer 2's (inverse) demand is PX = 10 ? QX; and Consumer 3's (inverse) demand is PX = 30 ? 2QX. When PX = $5, the market will demand:
A. 15.5 units. B. 24.5 units. C. ?12 units. D. None of the statements is correct.
A business owned by two or more joint owners, or partners, who share the responsibilities and the profits of the firm and are individually liable for all the debts is a(n)
A. proprietorship. B. partnership. C. entrepreneur. D. corporation.