The above table has the total revenue and total cost schedule for Omar, a perfectly competitive grower of rutabagas. When Omar produces 2 bushels of rutabagas, his total profit equals
A) $0.
B) $20.
C) $28.
D) -$8.
E) $48.
D
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States receive most of their tax revenues from
A. Property taxes. B. State income taxes. C. Sales taxes. D. User charges.
Under rate-of-return regulation, natural monopolies must use
A) marginal cost pricing. B) average cost pricing. C) efficient pricing. D) monopoly pricing.
Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour. Based on the scenario, Esther's opportunity cost for one hamburger is:
a. 2/3 hot dog. b. 1 hot dog c. 6 hot dogs d. 4 hot dogs e. 8 hot dogs
Stagflation can be defined as a situation characterized by
a. rising prices and rising output. b. rising prices and falling output. c. falling prices and falling output. d. falling prices and rising output.