An industry consists of eight firms with annual sales (in millions) of $200, $300, $900, $600, $300, $700, $500, and $600. What is the industry's C4?
A. 0.77
B. 0.66
C. 0.68
D. 0.49
Answer: C
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Refer to the scenario above. The average payoff of the bet is:
A) $50. B) $100. C) -$50. D) -$100.
Assume that buyers are aware of the similarities between the products sold by two dairy farms. The dairy producers can still practice price discrimination through advertisement and salesmanship
Indicate whether the statement is true or false
Ben quit his job as an economics professor to become a golf professional. He gave up his salary ($40,000 . and invested his retirement fund of $50,000 (which was earning 10 percent interest) in this venture. After all expenses, his net winnings (profit) were $45,000 . Ben's economic profits were
a. $45,000. b. $5,000. c. $2,000. d. zero.
In economics, the term "leisure" describes: a. the time spent searching for productive employment. b. any time spent not working for pay
c. any time spent working for extra pay. d. the time spent after permanent retirement from work.