Which of the following would most likely increase the supply of beef?
a. lower prices of grains used to feed cattle
b. lower prices for chicken, a substitute for beef
c. new medical research suggesting that beef causes more serious health problems than was previously thought
d. an increase in the cost of transporting beef products to the consumer market
A
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Assume that the dollar price of a basket of goods in the U.S. is $4 and the Indian price for the same basket is 200 rupees. On the other hand, the dollar price of the Indian basket is $20
Given this information, the Indian price for the Indian basket will be: A) $1,200. B) $1,000. C) $200. D) $5.
If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.
Refer to the given data. If the wage rate is $11 and Manfred's only fixed input is capital, the total cost of which is $30, then what will be his economic profit?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor.
Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe
shines are also sold competitively.
A. $62.
B. $42.
C. $28.
D. $32.