In the figure above, the total revenue from pizza per day is
A) $60,000.
B) $100,000.
C) $40,000.
D) $80,000.
E) $50,000.
B
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Tim Tupper contracts with two other students to help him provide a term paper-typing service. In the last two weeks of the semester, he sees a tremendous increase in demand. His profit-maximizing response would be represented by
a. a rightward shift of the supply curve because it is possible to earn economic profits b. a rightward shift of the supply curve because the increase in demand is probably only temporary c. a reduction in supply to take full advantage of the increase in demand d. a movement up to the right along the supply curve because the increase in demand is probably only temporary e. an upward movement in horizontal demand curve he faces because now he can charge a lower price
A decrease in the price of the output will decrease the firm's demand for labor
a. True b. False Indicate whether the statement is true or false
A perfectly competitive firm need never consider
a. price because it cannot control price b. its fixed cost because it cannot shut down c. its market share because advertising keeps it competitive d. the effect of its own production on price e. barriers to entry because the barriers never change
Assume that a VER (voluntary export restraint) is imposed on an imported product. The difference between the domestic price and the world price is captured by:
A. The government B. Foreign exporters C. Domestic consumers D. Domestic workers