A perfectly competitive apple farm produces 1,000 bushels of apples at a total cost of $36,000. The price of each bushel is $50. Calculate the firm's short-run profit or loss
A) profit of $50,000
B) loss of $14,000
C) profit of $14,000
D) There is insufficient information to answer the question.
C
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The most common estimate of the value of transactions used to estimate velocity is
a. real GDP. b. total sales. c. nominal GDP. d. cash balances.
A larger budget surplus
a. raises the interest rate and investment. b. reduces the interest rate and investment. c. raises the interest rate and reduces investment. d. reduces the interest rate and raises investment.
Economists perceive a college applicant's grade point average and standardized test scores (such as SAT and ACT scores) to be rationing devices
Indicate whether the statement is true or false
Which of the following would cause Graph A to shift to the left?
a. fluctuating income
b. stagnant income
c. declining income
d. rising income