A price floor is a legal minimum on the price at which a good or service can be sold
a. True
b. False
Indicate whether the statement is true or false
True
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242354464572If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is
A. $12. B. $18. C. $6. D. $24.
In January 2015, Tim's Gyms, Inc owned machines valued at $1 million. During the year, the market value of the equipment fell by 30 percent. During 2015, Tim spent $200,000 on new machines. During 2015, Tim's net investment totaled
A) $1 million. B) -$300,000. C) $200,000. D) -$100,000.
The change in price that results from a leftward shift of the supply curve will be greater if
A) the demand curve is relatively steep than if the demand curve is relatively flat. B) the demand curve is relatively flat than if the demand curve is relatively steep. C) the demand curve is horizontal than if the demand curve is vertical. D) the demand curve is horizontal than if the demand curve is downward sloping.
Today's supply curve for iPods could shift in response to a change in
a. today's price of iPods. b. the expected future price of iPods. c. the number of buyers of iPods. d. All of the above are correct.