The figure illustrates the demand for eggs. At what price will egg sellers maximize their total revenue?
A) above $0.75 a dozen
B) $0.75 a dozen
C) less than $0.75 a dozen
D) $1.50 a dozen
B
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Because of their derived nature, resource markets are completely different from any other type of market studied by economists
a. True b. False Indicate whether the statement is true or false
Which of the following would shift the supply of Green Bay Packers football jerseys to the left?
a. The Green Bay Packers make it to the Super Bowl. b. The price of the jerseys increases by $15. c. The technology of sewing machines use to make the jerseys improves. d. The cost of the fabric used to make the jerseys increases.
On May 11, 2011, it cost 11.601 Mexican pesos to buy 1 U.S. dollar. How many U.S. dollars did it take to buy a Mexican peso?
A. $11.11 B. $10.82 C. $8.92 D. $0.09
For perfectly price inelastic supply,
A. either supply or demand may set the price. B. price is solely determined by demand. C. only a government can set the price. D. price is solely determined by supply.