An important characteristic of the modern payments system has been the rapidly increasing use of
A) checks and decreasing use of currency.
B) electronic fund transfers.
C) commodity monies.
D) fiat money.
B
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Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.25 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what are the profits from sales to each of the low-demand consumers?
A. $9.38 B. $28.13 C. $153.13 D. $1.00
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.
Suppose that 1000 identical sellers each set their profit-maximizing output level at 18 units when price equals $10 . Then what is market quantity supplied at a price of $10
a. 100. b. 1,000. c. 10,000. d. 18,000.
Implicit costs are best thought of as the entrepreneur's
a. variable costs b. marginal costs c. accounting costs d. opportunity costs e. sunk costs