Suppose a perfectly competitive ukulele factory can produce 35 ukuleles at an output at which marginal cost equals marginal revenue. The price per ukulele is $1300 and the average total cost is $1500. What is the profit or loss that this furniture
factory is earning?
A) $700.00
B) -$7,000.00
C) -$1,050.00
D) -$450.00
Answer: B
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The demand curve for investment in the economy as a function of interest rates is:
a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. elliptical.
By 2003, the average person in the West had about
a. 50% more income than the average person in the West in 1820. b. twice as much income as the average person in the West in 1820. c. ten times as much income as the average person in the West in 1820. d. twenty times as much income as the average person in the West in 1820.
Hyperinflation is:
A. an extremely low rate of inflation. B. frequently experienced in the United States. C. an extremely high rate of inflation. D. very erratic inflation.
If a person were in the 25% tax bracket and given the choice of a $500 credit or a $2500 deduction,
A. he would take the credit every time. B. he would not care. They would constitute the same tax benefit. C. he would take the deduction every time. D. he would not qualify for either.