Al B. Core works at a Fresh Fish Market. The market sells fresh fish from 9 a.m. until 7 p.m. every day. The store does not sell day-old fish, so all unsold fish are thrown away at 7 p.m. each day. If Al has lots of fresh fish left at the end of the day that cost him $300 to acquire, what should Al do?
a. Lower the price of the remaining fish, even if he can't recover his $300
b. Lower the price of the remaining fish, but under no circumstances should the price fall below $300 for the remaining fish.
c. Throw the fish away even if he could sell some of them at a discounted price.
d. Starting tomorrow, lower the price on all fish so they will all be sold by mid-day.
a
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The price of silver increases from $10 per ounce to $15 per ounce while the price of gold increases from $300 per ounce to $310. In this situation, the price of silver relative to the price of gold has
a. fallen. b. risen. c. remained the same. d. cannot be determined given the information provided.
"Privatization of government owned industries is a more desirable way to operate an economy" is a ________ statement about ________ policy.
A. positive; structural B. normative; monetary C. normative; structural D. positive; fiscal
Using the above table, the TVC, the TC, and the MC when output is 4 units are
A. $67, $72, and $22, respectively. B. $16.75, $21.75, and $30, respectively. C. $16.75, $21.75, and $22, respectively. D. $67, $62, and $22, respectively.
Refer to Scenario 7.1 below to answer the question(s) that follow. SCENARIO 7.1: You are the owner and only employee of a company that writes computer software that is used by gamblers to collect sports data. Last year you earned a total revenue of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business you invested an amount of your own capital that could pay you a return of $40,000 a year. Refer to Scenario 7.1. During the year your economic costs were
A. $40,000. B. $60,000. C. $100,000. D. $130,000.