Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. If they sold 12,000 bags and incurred total costs of $30,000, what was the company's profit?
A. $18,000
B. $6,000
C. $42,000
D. $36,000
Answer: B
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What is excess capacity? What industry has excess capacity in the long run: perfect competition or monopolistic competition?
What will be an ideal response?
If Ebenezer Scrooge spends rather than saves his vast wealth, he will
A) promote economic growth because he is increasing the amount of funds available for investment. B) slow economic growth because he is reducing the amount of funds available for investment. C) slow economic growth because he is increasing the amount of funds available for investment. D) promote economic growth because he is decreasing the amount of funds available for investment.
Which of the following statements is most accurate?
A. Yield to maturity is equal to the coupon rate if the bond is held to maturity. B. Yield to maturity is the same as the coupon rate if the bond is purchased for face value and held to maturity. C. Yield to maturity will exceed the coupon rate if the bond is purchased for face value. D. Yield to maturity is the same as the coupon rate.
Briefly explain why two firms could both be made better off by cooperating, but they fail to cooperate.
What will be an ideal response?