The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 100 gallons of milk per day is ________
A) maximum; $2.50
B) minimum; $3.00
C) maximum; $4.00
D) minimum; $2.50
D
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Refer to the above figure. Which of the following points indicates an inefficient use of resources?
A) a B) d C) e D) More information is needed to answer the question.
One disadvantage of a sole proprietorship as a form of business organization is that
a. sole proprietorships cannot lower the transaction costs associated with contracting with resource owners b. sole proprietorships are less efficient than corporations, because they are less specialized in production c. owners of sole proprietorships can lose all their personal assets if the business is sued or fails d. owners of sole proprietorships generally find it difficult to negotiate separation agreements with the other partners in the firm e. owners of sole proprietorships generally have very little control over how they operate their businesses
Hina buys a certain brand of wine because it won several awards. What type of product differentiation is she being influenced by?
a. physical differences b. prestige c. location d. service
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$8,000$9,000910,00012,000815,00018,000720,00027,000628,00037,000
Table 9.7 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If the two firms agree to swap one permit and split the difference between the willingness to pay and willingness to accept, what is the price of a permit?
A. $4,500 B. $5,500 C. $7,250 D. $9,750