Refer to Figure 11-15. Suppose Hilda hires labor at $8 per hour and capital costs $10 per unit. What is the minimum cost of producing 200 gooseberry pies?
A) $3,600 B) $1,120 C) $592 D) $560
D
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If a monopoly can perfectly price discriminate,
A) all the demanders pay one price. B) it minimizes its profit. C) it produces the same amount of output as would be produced if the market was a perfectly competitive industry. D) it produces less output than would be produced if the market was a perfectly competitive industry. E) it creates the same amount of consumer surplus as would be created if the market was a perfectly competitive industry.
The opportunity cost of any action is
A) all the possible alternatives given up. B) the highest-valued alternative given up. C) the benefit from the action minus the cost of the action. D) the dollars the action cost.
Banks earn profits from off-balance sheet loan sales
A) by foreclosing on delinquent accounts. B) by selling the loans at discounted prices. C) by selling existing loans for more than the original loan amount. D) by calling-in loans before the maturity date.
In an opera house, the price of box seats increases from $100 to $120 per seat. However, the number of box seats is fixed. This is an example of ______.
a. perfectly elastic supply b. elastic supply c. perfectly inelastic supply d. inelastic supply