Which of the following is an example of a final good or service?
a. Bricks purchased by a company for constructing houses
b. Wheat purchased by a bakery
c. Steel purchased by a company for manufacturing cars
d. A cup of coffee bought at a restaurant
e. A used car bought by a person
d
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In the figure, the unregulated market equilibrium occurs at a price of ________ a ton and quantity of ________ tons
A) $100; 4,000 B) $150; 2,000 C) $150; 4,000 D) $225; 4,000 E) $100; 2,000
Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the profit-maximizing (cost-minimizing) level of output, average total cost is $1.90 per hamburger and average variable cost is $1.75 per hamburger
Should the firm continue to operate in the short run? Explain.
In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P1 is equal to
A) Q1 + Q2. B) Q1 + Q3. C) Q2 + Q4. D) Q4 - Q2.
In the correlated random effects approach, the regression model includes _____.
A. time averages as separate explanatory variables B. at least one dummy variable C. more than one endogenous explanatory variable D. an instrumental variable