Absolute advantage occurs when one producer has greater productivity compared to another producing the same product.
Answer the following statement true (T) or false (F)
True
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The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. If the price of a hamburger decreases from $5 to $3, then the weekly market quantity of hamburgers demanded will
A. increase from 120 to 156. B. increase from 24 to 52. C. increase from 29 to 55. D. decrease from 52 to 24.
By the 2000s, an important market change occurred when investment banks became significant participants in the secondary market for
A) corporate bonds. B) currency. C) mortgages. D) Treasury securities.
In the long run, all of a firm's costs are variable. In this case the exit criterion for a profit-maximizing firm is to shut down if
a. price is less than average total cost. b. price is greater than average total cost. c. average revenue is greater than average fixed cost. d. average revenue is greater than marginal cost.
When operating at the profit-maximizing/loss-minimizing level of output, total revenue minus total cost equals
A. $350.
B. $240.
C. $225.
D. -$240.