Given that the firm offers both the products, what is the maximum price it can charge for the high-end wok to have the chefs only buy the high-end wok?
a. $70
b. $80
c. $90
d. $100
c
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Bart operates a lemonade stand in front of his house. His father works at the Springfield Nuclear Power Plant. Which of the following is most likely to be true about the calendar time period associated with the short run for the two industries?
A. The short run would be one year for the lemonade stand and exactly two years for the nuclear plan
B.The short run is longer for the power plant than it is for the lemonade stand
C.The short run is the same for the power plant as it is for the lemonade stand.
D. The short run is shorter for the power plant than it is for the lemonade stand.
How much is savings when disposable income is $5 billion?
In Figure 3-7, suppose D1 and S1 indicate the initial conditions in the market for ice cream. Which of the following changes would tend to cause the shift from D1 to D2 in the market for ice cream?
a. a decrease in the price of sugar, an ingredient used to produce ice cream b. an increase in the price of frozen yogurt, a substitute for ice cream c. abnormally cold weather that decreased consumer desire for ice cream d. an increase in the price of milk, an ingredient used to produce ice cream
Which statement is false?
A. International trade helps every country. B. The economics profession is nearly unanimous in advocating free trade. C. The jobs that are lost due to foreign imports can be gained by our export sector. D. Recent Presidents of the United States support free trade in word and deed.