If the firm is maximizing profits (minimizing losses), they are making a profit or loss of about ____.
A. -$1,000
B. $500
C. $3,000
D. $2,500
C. $3,000
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All points on the production possibilities frontier
A) are production inefficient. B) achieve allocative efficiency. C) are production efficient but only one point achieves allocative efficiency. D) are allocatively efficient but only one point achieves production efficiency. E) are allocatively inefficient.
To economists, a game is:
A. any situation in which players pursue strategies designed to achieve their goals. B. a trivial pursuit that should not be used to analyze the economy or its actors. C. a way to simplify and minimize the true importance of situations like war. D. All of these statements are true.
In consumer equilibrium, the marginal utility of good A, B and C are 100, 300, and 400 respectively. If the price of good A was $35, then the prices of goods B and C, respectively, are:
a. $105 and $140. b. $140 and $105. c. $105 and $175. d. $140 and $175.
Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:
a. movement up along the demand curve for Sprite. b. decrease in the supply of 7-Up c. rightward shift of the demand curve for Sprite. d. leftward shift of the demand curve for Sprite.