Refer to Figure 7.1. If Angus chooses to earn the most money, he will receive a daily payoff of
A) $100.
B) $350.
C) $550.
D) $700.
B
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An airline can increase its profit by offering standby customers an unsold seat at a substantial discount just before takeoff because
a. additional passengers are needed to balance the load. b. the marginal cost of additional passengers is very small. c. additional passengers add little to fixed costs. d. such passengers add more to profits than do those with reserved seats.
An In the News article titled "Eliminating the Competition with Low Prices" indicates that, in order to protect their prices and profits, the major carriers operating at the Washington, DC, Dulles airport
A. Acquired smaller carriers. B. Practiced predatory pricing. C. Permanently reduced their prices. D. Used patents.
Figure 5.3 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm minimizes average total costs by producing ________ units.
A. 50 B. 100 C. 150 D. 200
A consumer who has chosen the right mix of goods and services to maximize his or her utility is said to have achieved
A) consumer equilibrium. B) consumer benefit. C) consumer surplus. D) consumer optimum.