Refer to Scenario 7.1. The total cost to produce 100 cookies is
A) $0.10
B) $0.25
C) $25.00
D) $100.00
E) indeterminate
C
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Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace, Inc is definitely
A) a perfectly competitive firm. B) not a perfectly competitive firm. C) a natural monopoly. D) None of the above answers is correct.
Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish is
A. negative. B. positive. C. zero. D. Any of the above is possible.
The acquisition of more than 10 percent of the shares of ownership in a company in another nation is called
A) portfolio investment. B) gross private international investment. C) foreign direct investment. D) majority investment.
The consensus estimate of the elasticity of labor supply among females is ?0.1. The interpretation of this estimate is what?
A. On average, women will increase hours of work by 1% when their wage increases by 10%. B. On average, women will reduce hours of work by 1% when their wage increases by 10%. C. On average, women will increase hours of work by 10% when their wage increases by 1%. D. On average, women will reduce hours of work by 10% when their wage increases by 1%. E. On average, women will reduce hours of work by 5% when their wage increases by 10%.