A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be included in the total cost of the business?
A. The cost of ice cream cones
B. The cost of the truck
C. The opportunity cost of the student’s time
D. All of these would be included in total cost.
D. All of these would be included in total cost.
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Explain what would happen if the equilibrium wage in the labor market was below the legislated minimum wage
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) It is not possible for a single firm to combine different types of nonlinear pricing. 2) In order to practice any of the advanced pricing techniques, a firm must have some market power. 3) If a firm offers a quantity discount, this is an example of an all-or-nothing offer. 4) If Healthy Bars labels its snack bars "not for resale", Healthy Bars is attempting to prevent arbitrage. 5) If a firm faces a high demand during the summer months and a low demand during the winter months, peak-load pricing can increase the firm's profits compared to charging the same price in the summer and winter months.
Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is the marginal benefit for each unit of lumber produced?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $13.50
B) $16.50
C) $10.50
D) $3.00
In a perfectly competitive market, producers:
A. are able to sell as much as they want without affecting the market price. B. can influence the price upward by restricting output. C. often undercut the competition's price and force firms to leave the market. D. None of these is true of perfectly competitive markets.