Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. At a market price of $28, if the firm produces where MR = MC, then it would produce ________ units of output and earn an economic profit of ________.
A. either 4 or 5; $0
B. 4; $0
C. 5; $0
D. 0; -$50
Answer: C
You might also like to view...
If the realized real interest rate in an economy is 6%, the nominal interest rate is 8%, and the expected inflation rate is 8%, then the realized inflation rate in the economy is:
A) 2%. B) 4%. C) 8%. D) 6%.
Mouthwash is sold in 24 oz bottles for $2.40 and in 12 oz. bottles for $1.20. This represents
A) price differentiation. B) price discrimination. C) marginal cost pricing. D) None of the above.
Recall the Added Perspective on the prisoner's dilemma. When there is a prisoner's dilemma,
a. the prisoners stick to a joint strategy b. each prisoner's best strategy is not to confess c. the prisoners must make a once-and-for-all decision d. game theory does not apply e. there is no mutual interdependence
When a U.S. company shifts some of its production to Mexico, it is engaging in:
A. outsourcing. B. insourcing. C. self-sufficiency. D. involuntary exchange.