Which of the following pairs of goods are likely to be considered substitutes?
A) Coffee and sugar
B) Printers and printing ink
C) A Ford car and public transportation
D) A Nokia cell phone and a Nokia cell phone charger
C
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A factor of production that can be easily changed in the relevant time period is called a
A) fixed input. B) temporary input. C) variable input. D) substitution input.
A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PIwhere P is price, M is income, and PI is the price of a key input. The forecasts for the next year are 
= $15,000 and 
I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. Suppose that income for next year is forecasted to be $9,000 instead. What will the firm's profit (loss) be?
A. -$7,934 B. zero C. -$6,000 D. -$8,000 E. none of the above
Which of the above diagrams illustrate(s) the effect of an increase in the price of Budweiser beer on the market for Coors beer?
A. A only B. B only C. C only D. A and C
Suppose compensation is given by W = 512,000 + 217? + 10.08S, where W = total compensation of the CEO, ? = company profits (in millions) = $200, and S = sales (in millions) = $400. How much will this CEO be compensated?
A. $512,000 B. $812,431 C. $43,400 D. $559,432