A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The price of each good is $10. Calculate the firm's short-run profit or loss
A) loss of $6,000
B) profit of $6,000
C) profit of $30,000
D) There is insufficient information to answer the question.
Answer: A
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An example of a market where a Bertrand model would be NOT be plausible is the market for
A) pizza. B) sweaters. C) motorcycles. D) toothpicks.
Which of the following countries averaged GDP growth (after adjusting for inflation) of at least 5% per year both from 1990 to 2000 and from 2000 to 2008, and therefore, can be grouped into the fast-growth category?
a. Cambodia b. Canada c. Japan d. Jamaica
Suppose the market for home-grown peppers in the town of Smallville is comprised of two farmers. Explain why they might try to collude
The largescale labor migration that occurred during 1870 to 1913 from Europe to America ____ wages in the destination nations and ____ wages in the source nations, thus leading to _____ of wages between the regions.
a. lowered; raised; convergence b. raised; raised; divergence c. lowered; lowered; divergence d. raised; lowered; convergence