A supply schedule shows the relationship between:
a. demand and supply.
b. supply and income.
c. price and income.
d. quantity supplied and price.
e. income and quantity supplied.
d
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Suppose that the price of a TV is $200 and he price of an MP3 player is $50. What is the opportunity cost of a TV (in terms of MP3 players), and what is the opportunity cost of an MP3 player (in terms of TVs)?
What will be an ideal response?
Firms are not likely to include their sunk costs when calculating their true cost of supplying goods if they
A) are calculating their income for tax purposes. B) have been accused by competitors of "dumping." C) have been accused by customers of "price gouging." D) must request price increases from a regulatory commission. E) want subsidies from the government.
Which of the following goods is likely to be sold through an auction?
A) a loaf of bread from a local bakery B) the rights to drill for oil on a specified 200 acres in Texas C) an ear of corn D) a bag of flour
A monopolist can maximize profits by determining the quantity where price is equal to marginal cost.
Answer the following statement true (T) or false (F)