Refer to the scenario above. What is Wendy's opportunity cost of producing one greeting card?
A) 0.25 earrings
B) 0.5 earrings
C) 1 earring
D) 2 earrings
B
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Refer to Table 20-10. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the CPI for 2016?
A) 14.3 B) 87.5 C) 114.3 D) 160
Marginal revenue product of labor equals marginal product times the wage only when the firm is a perfect competitor in the product market
a. True b. False
Suppose a banking system has a required reserve ratio of 10 percent. What is the maximum possible increase in the money supply in response to a $2 billion increase in excess reserves for the whole banking system?
A. $20 billion. B. $210 billion. C. $2 billion. D. $200 million.
The average consumer at a firm with market power has an inverse demand function of P = 10 ? Q. The firm's cost function is C = 2Q. If the firm engages in two-part pricing, what is the optimal fixed fee to charge each consumer?
A. $64 B. $2 C. $32 D. None of the answers are correct.