What is the slope of the line in the graph?
A) +1/2
B) -1/2
C) +2
D) -2
E) -3/4
A
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What are the different categories of risk preferences? Explain
What will be an ideal response?
A point outside the production possibilities curve represents a combination of goods that is:
a. inefficient. b. efficient. c. unattainable. d. attainable.
Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls
a. True b. False Indicate whether the statement is true or false
Refer to Scenario 9.5 below to answer the question(s) that follow. SCENARIO 9.5: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 percent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $3 on average per meal. Refer to Scenario 9.5. In the short run, if the restaurant shuts down, it ________ variable costs and ________ revenue.
A. has; earns no B. has; earns C. has no; earns no D. has no; earns