Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $10. What does total revenue equal when quantity equals 4?
A. $36
B. $4
C. $6
D. $40
Answer: D
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A perfectly elastic demand curve has an elasticity coefficient of:
a. 0. b. 1. c. less than 1. d. infinity.
When marginal utility is positive, then total utility is
a. negative b. decreasing c. zero d. increasing e. infinite
The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 How many times a month should you get your car washed?
A. 2 B. 1 C. 3 D. 4
The country Happy Land claims that it is producing everything its citizens consume. This situation is called
A. a closed economy. B. protectionism. C. autarky. D. an open economy.