Refer to Scenario 1-2. Had the firm not produced and sold the last 300 hats, would its profit be higher or lower, and by how much?
A) Its profit will be $1,000 lower. B) Its profit will be $100 lower.
C) Its profit will be $1,100 higher. D) Its profit will be $100 higher.
D
You might also like to view...
Under conditions of oligopoly markets, firms generally don't like to compete based on price. Why? a. Because no producer has a cost advantage in doing so
b. Because consumers rarely spend time making price comparisons between different brands. c. Because competing on the basis of price can set off a price war among competitors and significantly reduce profits to the firm. d. Because price competition is illegal in most states.
Ceteris paribus, an increase in consumers' income will result in: a. a decrease in demand for an inferior good
b. an increase in demand for an inferior good. c. a decrease in the quantity supplied of an inferior good. d. an increase in the quantity supplied of an inferior good.
Which one of the following is not part of the U.S. money supply?
A. Dollar bills B. Demand deposits C. Travelers checks D. Gold
A balance of payments deficit is defined as the amount by which
A. a country’s exports exceed its imports. B. a currency must appreciate in order to reach equilibrium. C. quantity supplied of a country’s currency exceeds quantity demanded. D. quantity demanded of a country’s currency exceeds quantity supplied.