An industrious franchisee will
a. Always be outbid by lazy ones for the right to run a franchised restaurant
b. Always outbid the lazy ones for the right to run a franchised restaurant
c. Never outbid the lazy ones for the right to run a franchised restaurant
d. None of the above
b
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Which element of total planned expenditure is NOT included in "autonomous planned spending"?
A) cY B) -cT C) NX D) Ip E) a
Table 11-1 Quantity (units)18161412104Price per unit (dollars)123 4 5 6 Total cost (dollars)44 3832262014Table 11-1 shows demand and total cost schedules for Monopoliteria. At the profit-maximizing output, what quantity is Monopoliteria producing?
A. 10 B. 12 C. 14 D. 16
If a seller in a competitive market chooses to charge more than the going price, then
a. the sellers' profits must increase. b. the owners of the raw materials used in production would raise the prices for the raw materials. c. other sellers would also raise their prices. d. buyers will make purchases from other sellers.
Total surplus is equal to
a. value to buyers - profit to sellers. b. value to buyers - cost to sellers. c. consumer surplus x producer surplus. d. (consumer surplus + producer surplus) x equilibrium quantity.