Ted has decided to buy a burger and fries at a restaurant, but is considering whether to buy a drink as well. If the price of a burger is $2, fries are $1, drinks are $1, but a value meal with all three costs $3.80, the marginal cost to Ted of the drink is:
a. $0.20
b. $0.80
c. $1.00
d. $3.80
b
Economics
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Price ceilings, such as rent ceilings, set below the equilibrium price
A) increase producer surplus. B) decrease producer surplus. C) do not affect producer surplus. D) might increase or decrease producer surplus.
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Morocco consume?
A) 60 B) 70 C) 90 D) 120
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The most oligopolistic industry of those presented in the above table is likely to be industry
A) W. B) X. C) Y. D) Z.
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Monopolistic competition is characterized by
a. one firm selling several products. b. many firms selling the same product. c. many firms selling slightly different products. d. one firm selling one product.
Economics