The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound
If a worker costs $800 per month, how many workers will Peter employ to maximize profit? A) zero
B) one
C) two
D) four
D
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Molly just graduated from high school. The figure shows her possibilities frontier. If Molly goes to college, she will move from point M to point K. In terms of consumption goods, Molly's opportunity cost of going to college is
A) MK. B) OL. C) KL. D) LM.
The return that an entrepreneur can expect to earn, on average, is called
A) profit. B) normal profit. C) economic profit. D) accounting profit.
Refer to Table 2-1. Which of the following would be a mutually agreeable rate of exchange?
A) 1F = 1C B) 1F = 2C C) 1F = 3C D) No exchange rate would be mutually agreeable.
What are the similarities between an English auction and a Dutch auction?
What will be an ideal response?