Cassie produces and sells 400 jars of homemade jelly each month for $3 each. Each month, she pays $200 for jars, $150 for ingredients, and uses her own time, with an opportunity cost of $300 . Her economic profits each month are:
a. $550.
b. $700.
c. $850.
d. $900.
a
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Explain the Law of Demand
What will be an ideal response?
Under oligopoly, firms' pricing policies are ________ and, under monopolistic competition, they are ________
A) interdependent; independent B) independent; interdependent C) cooperative; uncooperative D) uncooperative; cooperative E) profit maximizing; revenue maximizing
Given the values in the table above, the real interest rate r = ________ when equilibrium output Y = 15
A) 9.8 B) 3.8 C) 3.18 D) 10 E) none of the above
The executives of a firm want to find out how much the demand for their product will change in the next six months and how they should adjust their supply to deal with this. This example shows ______.
a. both normative and positive concerns b. positive concerns, but not normative concerns c. neither normative or positive concerns d. normative concerns, but not positive concerns