Total profit equals
A. TR ? TC.
B. average profit times total output.
C. total sales revenue minus total cost.
D. All of the responses are correct.
Answer: D
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When Skippy the sailor forgets how to tie a slip knot his:
A. human capital decreases. B. human capital increases. C. human capital is unaffected. D. None of these is true.
When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than if many of its workers were idle
a. True b. False Indicate whether the statement is true or false
What is the opportunity cost of moving from point B to point A?
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges a single entry price to each consumer, what is the profit-maximizing price per consumer?
A) $25 B) $15 C) $20 D) $10