If the cost per unit of output for a particular product is $10 and the product sells for $20, what is the percentage markup over cost per unit?
a. 200 percent
b. 10 percent
c. 100 percent
d. 20 percent
e. 50 percent
C
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It is not possible to have an absolute advantage in producing a good or service without having a comparative advantage
Indicate whether the statement is true or false
A ________ in market interest rates relative to the discount rate will cause discount borrowing to_______
A) fall; increase B) rise; decrease C) rise; increase D) fall; remain unchanged
According to the above table, national income is
A. $2,465. B. $2,550. C. $2,190. D. $2,750.
Answer the following questions true (T) or false (F)
1. Allocative efficiency is achieved in an industry when firms supply those goods and services that provide consumers with a marginal benefit equal to the marginal cost of producing those goods and services. 2. A perfectly competitive firm in long-run equilibrium produces output at the lowest possible average total cost.