Refer to the table above. At what price does the market for notebooks clear?
A) $3 B) $4 C) $2 D) $5
B
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Refer to Table 13-3. What are the profit-maximizing/loss-minimizing output level and price?
A) Q = 0 (firm should not produce) B) Q = 3; P = $18 C) Q = 4; P = $17 D) Q = 5; P = $16
If a business firm is not operating at the point where MR = MC, then:
a. it should shut down. b. it will incur losses. c. it cannot be earning a profit. d. its profit is zero. e. it is not earning the maximum potential profit.
An automobile insurance company on average charges a premium that:
A. equals 1/(expected loss) of each driver. B. is greater than the expected loss from each driver. C. is less than the expected loss from each driver. D. equals the expected loss from each driver.
Suppose the consumer price index (CPI) for Year X is 130. This means the average price of goods and services is:
A. currently $130. B. 130 percent more in Year X than in the base year. C. 130 percent more in the base year than in Year X. D. priced at 30 percent more in Year X than in the base year.