Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to this Application, between 2012 and 2017, the increase in craft beer production increased the price of hops:
A. from $3.17 to $3.92 per pound.
B. from $3.17 to $5.92 per pound.
C. from $3.92 to $5.17 per pound.
D. from $4.17 to $5.92 per pound.
Answer: B
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The figure above shows the supply curve for soda. The market price is $1.00 per soda. The marginal cost of the 10,000th soda is
A) $0.00. B) $0.50. C) $1.00. D) more than $0.50 and less than $1.00. E) None of the above answers is correct.
Which one of the following statements is TRUE for BOTH perfect competition and monopolistic competition?
A) Each type of firm faces a downward sloping demand curve. B) Each type of firm produces a homogeneous product. C) In the long run, firms in both industries make zero economic profit. D) Each type of firm competes on product quality and price.
If it costs Hobie $900 to produce 5 lamps and $1,200 to produce 6 lamps, then the difference of $300 is the marginal cost of producing the 5th lamp
Indicate whether the statement is true or false
What is marginal cost? Which curve is also referred to as the marginal cost curve?
What will be an ideal response?