If a firm with two large plants installs a large, custom built packing machine in each of its plants, the custom packing machine is an example of ________.
A) managerial diseconomies
B) specialized capital
C) a compensating wage differential
D) geographic variation
B) specialized capital
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In the figure above, Nike maximizes its profit if it sells ________ pairs of shoes per day
A) 120 B) 87 C) 137 D) 150
In an extreme hypothetical instance in which the price change of a good elicited no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.
Maximizing surplus in a market depends not only on the amount bought and sold, but also on:
A. what those consumers do with it. B. how productive the sellers are. C. who buys and sells it. D. None of these statements is true.
We can derive market demand for pears by
a. adding up all the prices people are willing to pay for pears b. multiplying the number of people times the price of pears c. adding up the number of pears that producers are willing to sell d. multiplying the number of pears by the price of pears e. adding up all the individual demands for pears