Refer to Figure 4-3. If the market price is $3.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4
A
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The Law of Supply ensures that supply curves slope upward
Indicate whether the statement is true or false
Which of the following statements about markets is not true?
a. A market is an impersonal mechanism. b. Markets coordinate the independent decisions of buyers and sellers. c. Markets reduce the transaction costs of exchange. d. More specialized markets are generally found in urban areas. e. All markets provide the same amounts of information.
Sometimes spreading has an advantage over hedging to lower risk because:
A. spreading increases expected returns, hedging does not. B. it is cheaper to spread than hedge. C. spreading does not affect expected returns. D. it can be difficult to find assets that move predictably in opposite directions.
In Figure 8.4, the difference between total costs and variable cost is:
A. average total cost. B. fixed cost. C. total costs are positive when output is zero implying fixed costs. D. All of these.