Which of the following equations is used to determine per unit profit?
a. P* ÷ ATC
b. P* x ATC
c. P* + ATC
d. P* ? ATC
d. P* ? ATC
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_____________ is the tendency of people to refuse to accept fair gambles
Fill in the blank(s) with the appropriate word(s).
What is the level of net benefits when 20 units are produced?No. units producedTotal RevenueTotal Costs000101204020200100302701704031026050330370
A. 10 B. 100 C. 80 D. -100
Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences:
A. a consumer surplus of $12 and Nathan experiences a producer surplus of $3. B. a producer surplus of $9 and Nathan experiences a consumer surplus of $3. C. a consumer surplus of $9 and Nathan experiences a producer surplus of $3. D. a producer surplus of $9 and Nathan experiences a producer surplus of $12.
Entrepreneurs
A. receive most of their income through inheritance. B. receive interest payments for their services. C. take risks in order to earn profits. D. are unemployed except during economic boom periods.