Possible causes of an upward-sloping demand curve are:
a. consumers judge the quality of a product based on quality
b. consumers judge the quality of a product based on price
c. consumers purchase a product based on snob appeal
d. a and b are true
e. b and c are true
e
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All business firms should consider their fixed costs in determining the prices they set.
Answer the following statement true (T) or false (F)
A company currently sells 10,00 . units at $9/unit and makes $20,00 . accounting profit. Variable costs currently stand at $6 per unit. By how much would variable costs have to increase before the company makes zero accounting profits?
a. $1.00 b. $2.00 c. $3.00 d. $4.00
Cheese Bread England 40 20 Spain 20 5 The table above shows how much each of two countries can produce in 40 hours. (For example, England can produce 40 units of cheese in 40 hours.) For Spain, what is the opportunity cost of producing 1 unit of bread?
a. 4 cheese b. 2 cheese c. 1/2 cheese d. 1 cheese e. 1/4 cheese
School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held and the voters' preferences are shown in the table, which of the following is true?
A. The outcome of the vote will change, depending on the order of the vote. B. The preferences of each member is transitive. C. The collective preferences of the group are not transitive. D. All of these are true.