If, at a firm's projected sales level, the marginal cost is $125, the average cost is $150 and the markup is 20 percent, then its selling price is
A) $125. B) $150. C) $165. D) $180.
D
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Refer to the diagram. A surplus of 160 units would be encountered if the price was:
A. $1.10, that is, $1.60 minus $.50.
B. $1.60.
C. $1.00.
D. $0.50.
The distinguishing feature that determines whether an analysis is classical or Keynesian is
A. the speed of price adjustment. B. the slope of the aggregate demand curve. C. the assumption about the transmission mechanism of monetary policy. D. the degree of monopoly power in the economy.
One major consequence of the availability heuristic is that:
A. People may spend more resources to insure themselves against rare events, but leave themselves uninsured against more common events B. Someone could persist in pursuing a failed policy despite overwhelming evidence of the failure C. Bad decisions can be made because people will act without pausing to see whether their intuition is correct or not D. Some people may wrongly believe in their forecasting ability to predict future outcomes of risky investments
All the combinations of goods and services that can be produced if all of society's resources are used efficiently are represented on an economy's
A. resource availability diagram. B. factors of production statement. C. allocative allotment graph. D. production possibility frontier.