The markup pricing technique involves determining the selling price of a good by adding a profit markup to minimum average cost. This would result in maximum profits only if
a. average cost were constant.
b. the markup were zero.
c. the markup varied with the elasticity of demand.
d. demand were inelastic.
c
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The World Trade Organization (WTO) was created in 1995 during the Uruguay Round of trade discussions
Indicate whether the statement is true or false
In reference to table 22.1, the $600 paid in property taxes counts as
A. A variable cost. B. A normal cost. C. An explicit cost. D. An implicit cost.
If the percent change in real GDP is 5 percent and inflation rate is 1 percent, what is the percent change in nominal GDP?
A. 2 percent. B. 4 percent. C. 0 percent. D. 6 percent.
For a monopoly, the value of the next worker equals
A) MR ? MPL. B) (price + the effect of increased output on price) ? MPL. C) P(1 + 1/e) ? MPL D) All of the above.