Refer to the table below. If Stuffed Pies is currently producing 7 units of quality, to maximize profit, Stuffed Pies should ________ the units of quality.
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) not change
B) decrease by 50 percent
C) increase
D) decrease
C) increase
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The concept of private property is
A) a legal absolute. B) a matter of degree. C) a moral absolute. D) an invention of economists.
What does the U.S. business cycle experience suggest about periods of war?
A) the economy tends to boom during the period of war B) after the war is over, the economy typically experiences a downturn C) they are associated with good economic times D) all of the above E) none of the above
If the income elasticity of food is 0.72, then food is
A) a necessity and a normal good. B) a normal good. C) a necessity. D) an inferior good.
Suppose the shopkeeper is known to usher low bidders out of the store even if it means giving up the sale. If the customer moves first, he would
a. Offer the high price b. Offer the low price c. Get ushered out of the store d. All of the above