Refer to the graph below. The amount of profit is measured by the difference between:
A. a and c
B. b and c
C. d and e
D. a and f
C. d and e
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If Al has an absolute advantage over Beth in preparing meals, then:
A. Al can prepare more meals in a given time period than Beth. B. the problem of scarcity applies to Beth but not to Al. C. it takes Al more time to prepare a meal than Beth. D. Al's opportunity cost of preparing a meal is lower than is Beth's.
Voluntary recycling is available in many parts of the country. If citizens of these areas have collected recyclable material at home, they can bring it to a recycling center. These materials reduce landfill space, reduce the need for virgin material extraction, and provide an inexpensive input in many production processes. The information in this question suggests what about areas without
voluntary recycling? a. Externalities exist. b. There is mandatory recycling. c. Raw materials are less expensive. d. The cost of production is higher. e. Nothing.
If the firm is maximizing profits or minimizing losses, it is producing _____ units of output and charging a price of ______.
A. 50 units; $10
B. 50 units; $18.40
C. 60 units; $12
D. 60 units; $16.80
Put the following products in order from lowest to highest based on their cross-price elasticity of demand with peanut butter: bread, bologna, floppy disks. Justify your answer.
What will be an ideal response?