More than 80 percent of American firms are incorporated.
Answer the following statement true (T) or false (F)
False
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Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 What is the socially optimal number of bikes for Island Bikes to rent out each day?
A. 4 B. 3 C. 5 D. 6
Demand for a good is inelastic if:
A. total revenue decreases when price decreases. B. the quantity effect outweighs the price effect of a price increase. C. the absolute value of price elasticity is greater than 1. D. None of these is true.
One of the primary objectives of the WTO is:
a. to create trade restrictions across the countries. b. to reduce trade barriers created by the different countries. c. to enable certain countries to maintain their autarkic conditions. d. to enable the western countries to emerge as major players in the international trade. e. to redistribute wealth from the first world to the third world countries.
According to the graph shown:
A. total surplus is smaller than producer surplus. B. total surplus is smaller than consumer surplus. C. producer surplus is greater than consumer surplus. D. consumer surplus is greater than producer surplus.