Number of CakesVCMCAVCFCTCATC0???50??1?30????2?????503??25???4????155?
Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces one cake, Candy's total variable costs are:
A. $0.
B. $30.
C. $50.
D. $80.
Answer: B
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Answer the following statement true (T) or false (F)
A lower price elasticity of demand coefficient occurs when:
A. many substitutes exist. B. the quantity demanded is more responsive. C. few substitutes exist. D. the market is broadly defined.
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A. possibility that the borrower may engage in riskier behavior after the loan is obtained. B. use of statistical discrimination in making loans. C. possession of information by one party in a financial transaction not known by the other party. D. likelihood that a potential borrower may use the funds that he receives for unworthy, high risk projects.
One problem associated with a monopoly firm is that it
A. is just as good as a purely competitive firm in terms of output and price. B. produces too much output and charges too low a price. C. produces too little output but also charges a low price. D. restricts output and charges a relatively higher price than a purely competitive firm.