Very Technical is a firm that sells computing equipment. It costs Very Technical $125 for each order of computer monitors and the variable cost of placing an order is $10 per monitor. Very Technical pays an annual holding cost of $20 per monitor. If Very Technical sells 8,000 computer monitors a year and they order 1,000 monitors, what is the total annual cost of the monitors?
A) $59,500
B) $101,000
C) $87,500
D) $91,000
D) $91,000
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Suppose the market supply curve is p = 5 + Q. At a price of 10, producer surplus equals
A) 50. B) 25. C) 12.50. D) 10.
The absolute price elasticity of demand for a vertical demand curve
A) is infinite. B) is 1.0. C) is 0. D) depends on where one is on the demand curve.
In LDCs, persistent poverty occurs because of preference for _______ , which results in ___________
a. large families; low levels of capital goods production b. more consumption today; less consumption tomorrow c. high birth rates; high death rates d. high birth rates; low death rates e. culture; an absence of assimilation
________ economics includes the idea that labor markets don't always clear due to wage rigidities.
A. Keynesian B. New Classical C. Monetarist D. Classical