Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. The most that Thailand will be willing to pay for a tractor is
A. 5 motorcycles.
B. 10 motorcycles.
C. 15 motorcycles.
D. 20 motorcycles.
Answer: C
You might also like to view...
Explain why selling output at a price below that at which marginal revenue equals marginal cost (MR = MC) might serve to deter entry of a potential competitor
What will be an ideal response?
For procurement of conventional products like hammers and shovels, the most appropriate type of contract is ______
a. fixed fee b. cost plus fixed fee c. cost plus percentage fee d. cost plus incentive fee
The Principle of Increasing Opportunity Costs states that:
A. opportunity costs increase when too little is produced. B. when increasing production, resources with the lowest opportunity costs should be used first. C. when increasing production, resources with the lowest opportunity costs should be used last. D. productive people do the hardest tasks first.
The payoff matrix shows all of the following EXCEPT
A. if one chooses a low price and the other doesn't, the low priced firm will make $8 million. B. if one oligopolist chooses a high price and the other doesn't, the high-priced firm makes $8 million. C. if they both choose a low price, each makes $4 million. D. if both oligopolists choose a high price, each makes $6 million.