The figure above shows the demand and cost conditions for a firm with two plants. What is the profit-maximizing price?
A. $20
B. $30
C. $40
D. $50
E. $60
Answer: E
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With respect to the labor supply curve, the income effect
A) reinforces the substitution effect. B) lowers the opportunity cost of labor. C) raises the opportunity cost of labor. D) influences a person to work less as the wage rate increases.
Commodity-backed money is:
A. any form of money that can be legally exchanged into a fixed amount of an underlying commodity. B. money created by rule. C. money used for the exchange of large commodities. D. any form of money that also has a role as a commodity. AACSB: Reflective Thinking
President Barack Obama pushed forward a national health care plan to increase the availability of medical care for all Americans. How would one determine the opportunity cost of the proposal?
To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. units B. weight C. number of tons, bushels, and barrels D. dollar value