Ron owns a mineral water plant that was set up with an initial investment of $4,000 . Each bottle of mineral water produced costs Ron $0.80 . In the month of January, Ron's firm sold 3,000 bottles of water at $1.80 per bottle. The economic profit made by Ron in January was:
a. $3,000
b. $3,200
c. ?$1,200
d. ?$1,000
d
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The federal government placed an upper limit on human organ prices, which is called a
A. Price support. B. Price floor. C. Price ceiling. D. None of the choices are correct.
An employer's insurance program is set up so that employees have to opt out rather than opt in. This is an example of a(n):
A. encouragement nudge. B. pricing nudge. C. information nudge. D. advantageous default option nudge.
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. Which of the following output-combinations is unattainable:
A. 1 steel and 80 wheat
B. 4 steel and 55 wheat
C. 30 wheat and 3 steel
D. 95 wheat and 0 steel
In monopolistically competitive markets, products are ________ and there ________ barriers to entry
A) identical; are no B) differentiated; are no C) identical; are D) differentiated; are