There are a limited number of original Picasso paintings. This means that the supply of original Picasso paintings is perfectly elastic
Indicate whether the statement is true or false
FALSE
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Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?
A. The Ticketmaster price is the equilibrium price. B. The Ticketmaster price was above the equilibrium price. C. There is an excess demand for tickets at the Ticketmaster price. D. There is an excess supply of tickets at the Ticketmaster price.
Shontae wants to start a pet hotel and is thinking of setting it up as a partnership with her sister Victoria
What are the advantages and disadvantages she will face by setting up the business as a partnership as opposed to a sole proprietorship or a corporation?
Producer surplus equals total revenue minus the sum of all marginal cost
What will be an ideal response?
Irving owns a chain of movie theaters. He is considering whether he should build a new theater downtown. The expected rate of return is 15 percent per year. He can borrow money at a 12 percent interest rate to finance the project. Should Irving proceed with this project?
What will be an ideal response?