Refer to Figure 4-1. If the market price is $4.00, what is the maximum number of ice cream cones that Kendra will buy?
A) 0 B) 2 C) 3 D) 4
A
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Which of the following is a final good or service?
A) the CPUs purchased by Dell to be used in their computers B) the fertilizer purchased by Royal Lawn and Landscape C) the computers purchased by Office Depot for sale to its customers D) the grilled chicken purchased by Taco Bell for use in their burritos E) a new replacement muffler installed by Midas Mufflers
The owners of a ________ have a separate legal distinction from the business
A) partnership B) sole proprietorship C) corporation D) All of the above are correct.
Suppose a firm's costs are F + v ? q2 where F and v are positive real numbers and the firm sells its product at the market determined price p. Profits are calculated using
A) p ? q - F - v ? q2. B) [p -(F/q + v ? q)] ? q. C) [(p ? q)/q -(F + v ? q)/q] ? q. D) Both A and B.
The SRAS curve is vertical at the natural level of real output
a. True b. False Indicate whether the statement is true or false