For the Fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
A. $5.
B. $4.
C. $0.25.
D. $6.
Answer: D
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Bundling raises higher revenues than selling the goods separately when
A) demands for two goods are highly positively correlated. B) demands for two products are mildly positively correlated. C) demands for two products are negatively correlated. D) there is a perfect positive correlation between the demands for two goods. E) the goods are complementary in nature.
If the market interest rate equals 8 percent, the opportunity cost of the last new investment project undertaken would approximately be equal to _____
a. zero percent b. 4 percent c. infinity d. 8 percent e. 16 percent
Complete the following statement. The legal obligation created by the U.S. Congress to provide medical care for the elderly and indigent creates _____.
a. a natural right to medical care for these two groups b. a negative right c. guaranteed access to treatment by all medical care providers d. an entitlement subject to future changes based on shifts in public sentiment e. a freedom-preserving right
In a perfectly competitive market, why do suppliers rarely charge more than the current market price?
a. The suppliers’ union would not allow the supplier to charge a higher price. b. Buyers could easily choose another supplier. c. Buyers often don’t have enough money to purchase a higher-priced good. d. The suppliers’ employees would go on strike.