Tony's Taco Casa has total revenue of $12,500. It has total fixed costs of $2,400 and total variable costs of $4,600. Tony's Taco Casa's profit is
A. $2,200.
B. $5,500.
C. $7,900.
D. $10,100.
Answer: B
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When the market price of a good is below its equilibrium price, competition among
A. buyers will push the price up. B. buyers will push the price down. C. sellers will push the price up. D. sellers will push the price down.
According to the textbook, economics is a:
A) social science. B) study of business decisions, not social decisions. C) part of operations and management science. D) part of humanities.
Figure 4.3 illustrates the demand for tacos. Assume that tacos and burritos are substitutes. A decrease in the price of burritos would bring about a movement from:
A. point a to point c. B. point c to point b. C. D2 to D0. D. D1 to D2.
Which of the following is NOT included in the M1 money supply?
A. checkable and debitable accounts B. currency C. passbook savings accounts D. traveler's checks