Jay set up his hot dog stand near the business district. His total variable cost includes the
A) annual insurance for the hot dog stand.
B) cost of buying the hot dog stand.
C) cost of the hot dogs and condiments.
D) interest he pays on the funds he borrowed to pay for advertising.
E) revenue he gets when he sells his first hot dog each day.
C
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Assume that California Merlot is a normal good. Prices of California Merlot have risen steadily in recent years. Over this same period, prices for French oak barrels used for wine storage have dropped and consumer incomes have risen. Which of the
following best explains the rising prices of California Merlots? A) The supply curve for Merlot has shifted to the right while the demand curve for Merlot has shifted to the left. B) The demand curve for Merlot has shifted to the right more than the supply curve has shifted to the right. C) The demand curve and the supply curve for Merlot have both shifted to the left. D) The supply curve for Merlot has shifted to the right more than the demand curve has shifted to the right.