There are profit opportunities in a thin market because the gap between what a buyer is willing to pay for a true plum and the amount a plum owner is willing to accept is large.
Answer the following statement true (T) or false (F)
True
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Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $99,000 B. $88,000; $90,000 C. $80,000; $90,000 D. $80,000; $88,000
Marginal utility:
A. is the change in a consumer's utility resulting from the addition of a very small amount of some good. B. is the total utility a resulting from consuming some good, divided by the amount consumed. C. is the change in a consumer's utility resulting from the addition of a very small amount of some good, divided by the amount added. D. is the change in a consumer's utility resulting from the addition of a very small amount of some good, divided by the total amount being consumed.
Marginal revenue equals marginal cost at an output of 15 units. At this output, marginal revenue equals $30, average variable cost equals $20, and average total cost equals $25. In the short run, a profit-maximizing firm will earn a profit of
A. -$75. B. $0. C. $75. D. $150.
Refer to the diagrams. The numbers in parentheses after the AD 1 , AD 2 , and AD 3 , labels indicate the levels of investment spending associated with each curve, respectively. All numbers are in billions of dollars. If the interest rate is 8 percent and the goal of the Fed is full- employment output of Q f , it should:
A. increase the interest rate from 8 percent to 10 percent.
B. decrease the interest rate from 8 percent to 4 percent.
C. decrease the interest rate from 8 percent to 6 percent.
D. maintain the interest rate at 8 percent.