Refer to Figure 8.9. If this farmer is producing the profit maximizing level of output, her profit is
A) $0.
B) $1,000.
C) $2,000.
D) $3,000.
C) $2,000.
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Refer to the figure above. Assuming that the market consists of only these two consumers, what is the market demand for pens when the price is $4?
A) 15 units B) 25 units C) 40 units D) 65 units
One reason why McDonald's charges a single price for its products is that it is difficult and costly for the company to determine each individual consumer's willingness to pay
Indicate whether the statement is true or false
Changes in taxes and spending by the executive and legislative branches of a country's government that can be used to either stimulate or restrain the economy are called:
A) monetary policy. B) fiscal policy. C) foreign policy. D) exchange rate policy.
Opportunity costs:
a. only include explicit costs paid out-of-pocket b. never involve costs paid out-of-pocket. c. may or may not involve costs paid out-of-pocket. d. are always measured in terms of time.