A tanning salon offers its clients package pricing of 5 sessions for $35, 10 sessions for $50, 15 sessions for $60, or 20 sessions for $100? Which pricing package has the lowest average cost?
a. 5 sessions for $35
b. 10 sessions for $50
c. 15 sessions for $60
d. 20 sessions for $100
c. 15 sessions for $60
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A product can be classified as an inferior good if an increase in the income causes
a. A decrease in the quantity demanded b. A decrease in demand c. An increase in demand d. An increase in the quantity demanded.
Suppose a bottle of wine produced in France sells for 35 euros. If the exchange rate between euros and dollars is €1 = $1.30, how much will an American pay for the bottle of wine in America?
A. $130.00. B. $26.92. C. $45.50. D. $35.00.
Sarah's Bargain Store, a perfect competitor, made an economic profit of $20,000.
A. She is operating in the short run. B. She is operating in the long run. C. She may be either in the short run or the long run. D. There is no way to determine if she is operating in the short run or the long run.
Since the end of World War II, the rate of growth during expansions
A. is about what it was prior to World War II. B. has been falling. C. has been constant. D. has been rising.