Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Mexico and Japan. Which of the following statements is true.
a. Mexico has a comparative advantage in production of food.
b. Japan has an absolute advantage in production of food.
c. Mexico has a comparative advantage in production of cloth.
d. Japan has an absolute advantage in production of Cloth.
The figure above shows the market for coffee. The ________ price that producers must be offered to get them to produce 30 million pounds of coffee per month is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $4.00 D) minimum; $4.00
Which of the following is a consequence of rent controls established to keep housing affordable for the poor?
A. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. B. Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. C. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. D. All of these are consequences of rent controls.
In the above figure, what is the marginal social benefit of the four-hundredth pretzel?
A) $0 B) $2.00 C) $3.00 D) $4.00