You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets and you could have earned $100 as a waiter at a job you love so much you would do it as a volunteer. What is the total cost of the ski weekend?
A. $100
B. $230
C. $130
D. $80
Answer: B
You might also like to view...
A number of firms who collude to make collective production decisions about quantities or prices is called:
A. a cartel. B. a duopoly. C. market power. D. a joint monopoly.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
When an effective price ceiling is removed, we would expect the price of the good to:
A. decrease and the quantity demanded to decrease. B. decrease and the quantity demanded to increase. C. increase and the quantity demanded to decrease. D. increase and the quantity demanded to increase.
Figure 9.4 represents the market for used 12 megapixel digital cameras. Suppose buyers are willing to pay $400 for a plum (high-quality) used digital camera and $200 for a lemon (low-quality) used digital camera. At any price between $X and $Z:
A. only plums will be supplied. B. only lemons will be supplied. C. both plums and lemons will be supplied. D. neither plums nor lemons will be supplied.