Refer to Scenario 7.2. What is the marginal cost of the 60th earthquake detector?
A) 0
B) 5 1/2
C) 3
D) 5
E) none of the above
C
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Which of the following decisions are complicated by the value of money changing over time?
A. Buying a $100 concert ticket B. Buying a $100 stock C. Buying a $100 sweater D. Buying a $100 blender
If the demand curve facing a monopoly was 1 unit at $7, 2 units at $6, 3 units at $5, 4 units at $4, and 5 units at $3, at the point along the curve where 3 units are being sold, the elasticity of demand: a. is greater than one
b. is equal to one. c. is less than one. d. cannot be determined from the above information.
Assume that a Chrysler automobile sells for $15,000 in the United States and that the exchange rate is $1 = €1.3 . For purchasing power parity to hold, the same car should sell in Germany for:
a. €15,000. b. €11,538. c. €19,500. d. €1,538. e. €15,500.
When a perfectly competitive market is in long-run equilibrium, each firm's price equals
a. both marginal cost and average total cost b. marginal cost, but exceeds average total cost c. marginal cost, but falls below average total cost d. average total cost, but exceeds marginal cost e. average total cost, but falls below marginal cost.