Suppose total benefits and total costs are given by B(Y) = 220Y ? 15Y2 and C(Y) = 10Y. What level of Y will yield the maximum net benefits?
A. 5
B. 10/9
C. 7
D. 150/20
Answer: C
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If the four-firm concentration ratio of an industry is
A) near 100, the industry is considered very competitive. B) less than 40, the industry is considered an oligopoly. C) over 40, the industry is considered monopolistic competition. D) less than 40, the industry is considered monopolistic competition. E) close to 0, the industry is considered a monopoly.
Refer to the scenario above. What is likely to be the impact on Firm A's sales if both the firms decide to sponsor the event?
A) A 5% increase in sales B) A 2% increase in sales C) A 0% increase in sales D) A 10% increase in sales
The reservation wage is the
A) highest wage for which a person is willing to supply labor. B) lowest wage for which a person is willing to supply labor. C) wage for which a person is willing to work full time. D) wage for which a person is willing to work overtime.
In 1990, U.S. nominal GDP was $5,744 billion and the GDP chain price index is 93.6 . Real GDP is:
a. $6,137 billion. b. $5,376 billion. c. $6,000 billion. d. $6,376 billion.