Suppose Al, Betty, and Carl own the only fishing companies in your village. Suppose the market price today is $10 per fish. Suppose Al catches 4,000 fish with an average total cost of $7.50, Betty catches 6,000 fish with an average total cost of $6, and Carl catches 10,000 fish with an average total cost of $5 . If everyone is a profit maximizer, what is Betty's marginal cost?
a. $6
b. $7
c. $8
d. $9
e. $10
E
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What will be an ideal response?
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A. Are eliminated when the economy expands. B. Increase when the economy goes into recession. C. Remain constant at all times. D. Increase when the economy experiences a peak.
The government inflates the demand for farm products
A. With price supports. B. Through marketing orders. C. Through acreage set-asides. D. By purchasing surplus crops.
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A) corporate bonds and stocks by the Federal Reserve B) U.S. Treasury securities by the Federal Reserve C) corporate bonds and stocks by the U.S. Treasury D) U.S. Treasury securities by the U.S. Treasury