Humphrey Gilbert was an explorer from _____
a. England
b. France
c. Holland
d. Portugal
e. Spain
a. England
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If a depletable resource is selling in a perfectly competitive market, its expected price will continue to fall over time. This makes it unprofitable for firms to seek out the resource and bring it to market.
Answer the following statement true (T) or false (F)
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 ? 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is C(Q) = 1 + 4Q (in cents), compute the price Fruit of the Loom should charge for a package of women's underwear.
A. $136.50 B. $1.02 C. $1.09 D. $108.50
If the marginal cost of producing a television is constant at $200, then a firm should produce this item
A) only if the marginal benefit it receives is greater than $200 plus an acceptable profit margin. B) as long as the marginal benefit it receives is just equal to or greater than $200. C) as long as its marginal cost does not rise. D) until the marginal benefit it receives reaches zero.
In the Cournot model, when a new firm begins production it assumes its demand curve is
A. the market demand plus the amount the other firm is selling. B. the same as the competing firm's demand curve. C. one-half of the competing firm's demand curve. D. the market demand less the amount the other firm is selling.