The above table gives some of the costs of the Delicious Pie Company. What is the total fixed cost of producing 100 pies?
A) $300
B) $400
C) $700
D) More information is needed to calculate the total fixed cost.
A
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The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. If Light-U-Up is regulated, what is its economic profit if it must follow a marginal cost pricing rule?
A) -$40 B) -$20 C) $0 D) $30
The welfare reforms of 1996 were entirely driven by flawed character biases
Indicate whether the statement is true or false
Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firm's
A) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000. C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
Comparing international trade with trade among the different states of the United States shows that
a. the logic of international trade is quite different from that of intranational trade. b. the basic reasons for trade are equally applicable within a country or among countries. c. there is no need to study international trade as a special subject. d. All of the above are correct.