Which of the following is not an intermediate good?
A. Beef purchased by McDonald's to make a Big Mac.
B. Tomatoes used by Ortega to make their salsa.
C. Tires purchased by Ford to put on their new Explorers.
D. Tires sold by Goodyear to put on your Explorer.
Answer: D
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Given the scenario described, if the market price of hammers decreased from $13 to $11:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. total producer surplus would decrease from $9 to $5. B. total producer surplus would increase from $5 to $9. C. total producer surplus would decrease from $30 to $17. D. total producer surplus would remain unchanged.
Exit from a market will occur if economic profits are zero
Indicate whether the statement is true or false
A positive effect of opening up countries to international trade is that it results in the creation of supporting industries that provide resources to the industry in which trade takes place
a. True b. False Indicate whether the statement is true or false
If some resources used in the production of a good are only available in limited quantities, then the long run market supply curve will be perfectly elastic
a. True b. False Indicate whether the statement is true or false