If the cost per unit of output for a particular product is $50 and the product sells for $55, what is the percentage markup over cost per unit?
a. 200 percent
b. 10 percent
c. 100 percent
d. 20 percent
e. 50 percent
B
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Higher real income ________ the demand for money and a higher price level ________ the demand for money.
A. increases; increases B. decreases; decreases C. increases; decreases D. decreases; increases
The more elastic the supply of a product, the more the actual burden of a tax on the product will:
a. fall on sellers. b. fall on buyers. c. fall equally on both buyers and sellers. d. create a smaller deadweight loss (or excess burden).
In an economy that relies on barter, trade requires a double-coincidence of wants
a. True b. False Indicate whether the statement is true or false
In the situation described below, we would expect an:
It is the custom for paper mills located alongside the Layzee River to discharge waste products into the river. As a result, operators of hydroelectric power-generating plants downstream along the river find that they must clean up the river's water before it flows through their equipment. A. Overproduction of paper in the mills B. Underproduction of paper in the mills C. External cost resulting from the production of hydroelectric power D. Attainment of allocative efficiency in the market