Different values are not a reason for disagreement among economists
a. True
b. False
Indicate whether the statement is true or false
False
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If the budget deficit was eliminated, the federal government would have more money than it could spend.
Answer the following statement true (T) or false (F)
The price elasticity of demand for senior citizens purchasing coffee from McDonald's is ?5, while non-senior citizens have a price elasticity of demand equal to ?1.25. If it costs McDonald's $0.02 to produce a coffee, the optimal price for a cup of coffee for senior citizens and the resultant marginal cost under third-degree price discrimination are, respectively:
A. $0.025 and $0.02. B. $0.02 and $0.80. C. $0.016 and $0.20. D. $0.10 and $0.02.
Alex's Furniture Mart produces and sells tables in a perfectly competitive market. When Alex's Furniture Mart produces and sells 250 tables, its marginal cost is equal to $200, and AVC is rising. If the market price of tables is equal to $150, Alex's Furniture Mart should:
A. decrease its level of table production. B. increase its level of table production. C. continue producing 250 tables. D. raise the price of its tables.
The sole proprietor of the Milwaukee Machine Company receives all accounting profits earned by her firm and a $28,000-a-year salary. She has a standing salary offer of $35,000 a year working for a large corporation. If she had invested her capital outside her own company, she estimates that would have returned $22,000 this year. If accounting profits for the year were $50,000, economic profits were:
A. $0 B. -$7,000 C. $21,000 D. $50,000