Which of the following is characteristic of a perfectly competitive market?
A. Price below marginal revenue.
B. Differentiated products.
C. A large number of firms.
D. Significant barriers to entry.
Answer: C
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If the foreign exchange rate is 70 cents for one Swiss franc, then
A. a wine that costs 200 francs will cost $14.00. B. a house that costs 100,000 francs will cost $700,000.00. C. a car that costs 40,000 francs will cost $7,143.00. D. a clock that costs 500 francs will cost $350.00.
A firm produces 5 units of output from the last dollar it spends on labor and 10 units from the last dollar spent on capital. The firm should
A. employ more labor and less capital. B. employ less capital and labor. C. employ more capital and labor. D. employ more capital and less labor.
Samantha was willing to pay $10 for a hamburger because she was hungry but she only paid $2.50. What is the marginal benefit Samantha gained from the hamburger?
A) $2.50 B) $7.50 C) $10.00 D) $12.50 E) None of the above answers is correct.