Refer to Scenario 12.2. Suppose that the marginal cost falls such that:
MC = Q - 10
What is the profit maximizing level of output?
A) 171.43
B) 120
C) 150
D) all of the above
E) none of the above
C
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Small businesses that operate outside the normal framework of laws and regulations are part of the
a. informal sector b. capital intensive sector c. International Comparison Project d. human capital network e. none of the above
The price of a new textbook is $60 in one year and $75 two years later, while the price of a used copy of the textbook increased from $25 to $37.50. The relative price of a new textbook
A) increased by 25 percent. B) increased from 2.4 to 3. C) decreased from 2.4 to 2.0. D) decreased from 1.4 to 1.25
Which of the following is true of Western Europe, Japan, Canada, Mexico, and China taken together?
a. All these countries are classified as high-income countries by the World Bank. b. They are all members of the North American Free Trade Agreement [NAFTA]. c. All these countries are considered developing countries by the World Bank. d. They are collectively the largest trade partners of the U.S. e. They are the five largest exporters of agricultural produce in the world.
In which of these years was there very high inflation and a recession?
A. 1937 B. 1980 C. 1990 D. 2001