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 $17.50 what is the firm's profit-maximizing output?
A) 2 tattoos per hour
B) 3 tattoos per hour
C) 4 tattoos per hour
D) 5 tattoos per hour
B
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Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product
What will be an ideal response?
Studies strongly suggest that advertising strategies are generally much more effective than pricing strategies as a means to increase market share
Indicate whether the statement is true or false
If the CPI is 120 in 1996 and 180 in 2002, then between 1996 and 2002, prices have increased by
A) 180%. B) 80%. C) 60%. D) 50%.
Which of the following factors does not affect the value of a worker's marginal product?
a. discrimination against a particular group of workers by a firm's customers b. a worker's level of disposable income c. a worker's level of human capital d. compensating wage differentials