Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. How many hours will be purchased and what is her total revenue?
A) 5 hours; total revenue = $35 B) 4 hours; total revenue = $28
C) 3 hours; total revenue = $21 D) 2 hours; total revenue = $14
B
You might also like to view...
Which of the following pairs of goods are NOT complements?
A) Hockey sticks and hockey pucks B) Computer CPUs and computer monitors C) On-campus student housing and off-campus rental apartments D) all of the above E) none of the above
When the market price is set above the equilibrium price:
A. the market is not efficient. B. total surplus is not maximized. C. consumer surplus is decreased. D. All of these are true.
If the demand for computer scientists increases relative to their supply,
a. the wages of computer scientists will decline. b. a computer science major will be more attractive to college students. c. the employment of computer scientists will fall. d. there will be a surplus of computer scientists.
Which of the following factors would tend to be consistent with a downward-sloping yield curve?
a. A high and positive default risk premium. b. A high and positive maturity risk premium. c. The absence of a liquidity premium. d. Expected inflation is expected to decline in future years.