A demand schedule is a table showing how the ____ of some product during a specified period of time changes as ____ changes, holding all other determinants of quantity demanded constant
a. demand; the price of its complement
b. demand; the quantity supplied
c. quantity demanded; the price of its substitute
d. quantity demanded; the price of that product
d
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5 and the wage rate is $37.50 per day, how many workers should Winnie employ to maximize his profit?
A) 2 B) 3 C) 4 D) 5
Demand for staples such as dairy products and bread is likely to be both income and price inelastic
Indicate whether the statement is true or false
What is another term for time value of money?
A. Net present value B. Internal rate of return C. Opportunity cost of funds D. Yield to maturity
Refer to Table 15-1. What is the firm's profit-maximizing output and what is the price charged to sell this output?
A) P = $65; Q = 14
B) P = $70; Q = 13
C) P = $80; Q = 11
D) P = $85; Q = 10