Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 what is the firm's economic profit?
A) zero
B) $10 per hour
C) -$10 per hour
D) $20 per hour
C
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The term "foreign currency" refers to foreign
I. coins II. notes III. bank deposits A) II only B) II and III only C) I and II only D) I, II, and III
A decrease in disposable income causes a shift in the consumption function
a. True b. False Indicate whether the statement is true or false
Which of the following is true of markets characterized by positive externalities?
a. Social value exceeds private value, and market quantity exceeds the socially optimal quantity. b. Social value is less than private value, and market quantity exceeds the socially optimal quantity. c. Social value exceeds private value, and market quantity is less than the socially optimal quantity. d. Social value seldom exceeds private value; therefore, social quantity is less than private quantity.
The imposition of an import quota shifts
a. the supply of currency right, so the exchange rate falls. b. the supply of currency left, so the exchange rate rises. c. the demand for currency right, so the exchange rate rises. d. the demand for currency left, so the exchange rate falls.