Refer to Table 1-3. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
C
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What do Wal-Mart, the Microsoft Corporation, and the Dell computer company have in common?
A) Each achieved a dominant position in its industry because it owned a key input in the production of its product. B) The industry in which each firm competes is an oligopoly because of government-imposed barriers to entry. C) Each company was founded in the same state. D) The profitability of each firm depends on its interactions with other firms.
In the mid-1970s the price of oil rose dramatically. This
a. shifted aggregate supply left, the price level rose, and real GDP fell. b. caused U.S. prices to fall, and real GDP rose. c. caused an increase in U.S. prices and real GDP. d. caused a decrease in U.S. prices and real GDP.
In the long run, perfectly competitive firms produce a level of output such that:
A. P = MC and P = minimum of AC. B. P = MC. C. P = minimum of AC. D. None of the answers is correct.
When you use your own savings to start a business, you make a profit
A. after you earn an amount equal to the savings you used to start the business. B. only after you cover the opportunity cost of using your savings to start your business. C. after the first dollar you earn, because you borrowed no funds to start the business. D. only after you earn double the amount of money you invested.