Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00  11414$422 10 330 90435  539 1176  1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. At what price does each shoe shine sell?

A. $1
B. $3
C. $2.50
D. $2


Answer: B

Economics

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The following table provides nominal exchange rates for the U.S. dollar.CountryForeign currency/dollarDollar/foreign currencyCanada(Canadian dollar)1.488.672Mexico(Peso)9.259.108Based on these data, the nominal exchange rate equals approximately ________ pesos per Canadian dollar or, equivalently, ________ Canadian dollars per peso.

A. 9.259; 0.108 B. 7.771; 0.129 C. 0.672; 1.488 D. 6.222; 0.161

Economics

Typically, perfect competitors advertise their specific goods

Indicate whether the statement is true or false

Economics

When the demand for a product decreases but the supply of the product remains unchanged,

A. the price of the product will rise and quantity will decrease. B. the price of the product will be unaffected. C. the price of the product will fall and quantity will remain the same. D. the price of the product will fall and the quantity will fall.

Economics

If your neighbors remove the weeds in their yard and this activity prevents weed seeds from blowing into your yard, the benefit you receive is a public good.

Answer the following statement true (T) or false (F)

Economics