If a consumer's total cost of purchasing a basket of goods increases from $600 in 2012 to $800 in 2015, it implies that the inflation rate is _____ percent
a. 33.33
b. 20
c. 20.33
d. 30.23
a
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In the figure above, the difference in wage rate between low-skilled and high-skilled labor is
A) $16. B) $8. C) $20. D) $28.
Which of the following characterizes the market that Chipotle competes in?
A) "Fast-casual" restaurants sell identical products. B) All "fast-casual" restaurants face horizontal demand curves. C) Barriers to entry are low. D) There are a small number of firms.
Summarize the three conditions cited in the text under which a cartel is most likely to succeed. Of these three, which do you think is most important? Why?
What will be an ideal response?
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.