If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000, then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
A. 1/3 car
B. 1/2 car
C. 1 car
D. 1.5 cars
Answer: B
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Which of the following is most likely to be a variable cost in the short run?
a. A fee paid to obtain a license. b. The cost of owning machinery. c. The energy costs of running a factory. d. Rent payments for office space.
Other things remaining the same, if the quantity of money increases by a given percentage, then in the long run the ________ by the same percentage
A) real interest rate rises B) price level rises C) nominal interest rate falls D) price level falls E) real interest rate falls
Refer to Table 14-4. What is the Nash equilibrium in this game?
A) Alistair increases its advertising budget, but Baine does not. B) There is no Nash equilibrium. C) Both Alistair and Baine increase their advertising budgets. D) Baine increases its advertising budget, but Alistair does not.
Sam owns a candy factory and hires workers in a competitive labor market to pack cases of candy. The company's weekly output of cases of candy varies with the number of workers hired, as shown in the following table:Number ofworkersCases/week00116023103450458057006810 If each case sells for $3 more than the cost of the materials used in producing it, then the most Sam would pay the 5th worker is ________ per week.
A. $120 B. $390 C. $360 D. $330