Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. What are the equilibrium price and quantity (in thousands) for Bubba's Fried Jellybeans?
A) $40 and 5 thousand B) $20 and 20 thousand
C) $60 and 10 thousand D) $80 and 40 thousand
A
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Describe the main ideas of endogenous growth theory. What does it have to say about the role of government in economic growth?
What will be an ideal response?
Sunk costs should be ignored in decision making because they
a. increase the cost of the transaction b. lead to an increase in the opportunity cost of any decision c. have already been paid d. often exceed marginal and average costs e. are usually negligible when compared with the explicit costs of decisions
The production possibilities curve has a negative slope because
a. producing more of one good means producing less of the other b. efficiency declines as more of one good is produced c. consumers want to buy more of a good as its price decreases d. it becomes harder to find workers as more goods are produced e. the law of increasing costs is violated
A firm has a constant marginal social cost of producing that equals $2Q. What is the socially efficient level of production for a firm facing an inverse demand P = 60 ? 2Q?
A. 15 B. 10 C. 20 D. 25