Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. If the restaurant charges the single price of $8 per meal, what is its profit from non-senior customers?
A. $1,200
B. $1,500
C. $2,280
D. $2,560
Answer: C
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A) a pure private good B) a pure public good C) a club good D) a common pool resource
If the economy is near full capacity, the effect of a negative aggregate demand shock is to
A) increase the level of aggregate demand. B) cause the price level to fall. C) increase the firm's cost of producing at every level of output. D) increase the level of employment.
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a. True b. False Indicate whether the statement is true or false
Studies of the income tax show that its burden as a percentage of income
A. remains about the same as income increases. B. rises slightly as income rises. C. initially increases and then decreases as income increases. D. decreases as income rises.