Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell __________ fruit basket(s).
A) three
B) four
C) five
D) six
D) six
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The above table shows production combinations on a country's production possibilities frontier. Which of the following points signifies efficient production?
A) 0 units of good X and 40 units of good Y B) 3 units of good X and 25 units of good Y C) 10 units of good X and 16 units of good Y D) 12 units of good X and 1 unit of good Y
In the above table, the private sector has a
A) surplus of $300 billion. B) deficit of $300 billion. C) deficit of $200 billion. D) deficit of $400 billion.
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit, the firm should
A. produce more. B. produce less. C. keep output the same. D. shut down.
Which of the following would shift the saving schedule upward?
A. A decrease in wealth B. A decrease in real interest rates C. Consumer expectations of rising prices of products D. Increased optimism about future incomes