According to the accompanying table, Julia has the absolute advantage in making: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. pies.
B. cakes.
C. both pies and cakes.
D. neither pies nor cakes.
Answer: C
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A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills increases from $310 to $350, given the scenario described: A. total consumer surplus would fall by $120. B. total consumer surplus would fall by $90. C. Collin and Butch would experience a decrease in consumer surplus, but Abe's consumer surplus would rise. D. Collin would experience a decrease in consumer surplus, but Abe and Butch would experience a rise in consumer surplus.
A local doughnut shop produces about 600 dozen doughnuts daily. If flour prices increase 20 percent
a. only marginal cost will shift up. b. only marginal cost and average total cost will shift up. c. marginal cost, average variable cost, and average total cost will shift up. d. marginal cost, average total cost, and average fixed cost will shift up.
American citizens planning a vacation abroad that would require foreign currency would welcome:
A. Devaluation of the dollar. B. Appreciation of the dollar. C. Depreciation of the dollar. D. Appreciation of the foreign currency.
External costs can be defined as
A. the cost associated with private production, but partially borne by society. B. the cost of providing all public goods and services. C. the cost of running the federal government. D. the sum of all private production costs.