What is the lowest price the firm would accept in the short run?
$12
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"In order for Charlie Trotter's, an upscale restaurant in Chicago, to maximize profit from the employment of chefs, the restaurant should hire chefs up to the point where the value of marginal product equals the wage rate for chefs"
Is the statement correct or incorrect?
As an investor, would you agree to the statement "put all your eggs in one basket?" Substantiate your answer
Which set of events would most likely decrease aggregate demand?
A. An increase in personal income tax rates. B. A reduction in the excess capital of the existing capital stock. C. A reduction in business and personal tax rates. D. An increase in investment spending.
Chance goes to a used car lot and sees the kind of car he wants, in prime condition, priced about $7,000 lower than it should be. Based on the lemon problem, why does Chance decide not to buy it?
a. He feels that he is taking advantage of the dealer. b. He fears something is wrong with the car that he is unaware of. c. He knows he will have to make up the price difference in sales tax. d. He realizes other dealers will also be willing to sell it even cheaper.