Question 1
figure: price ceiling
$12

270 290 310
reference: ref 5-1 (8-1)
(figure: price ceiling) refer to the figure. when a price ceiling of $10 is instituted by the government, consumers are able to buy how many units
of the product?
a. 270 units
ob. 310 units
c. 290 units
d.40 units

Martha entered into a contract with terry, an art dealer. according to the contract, terry was to supply 18 th century artifacts to martha for the play she was directing, and martha was ready to pay $50,000 for this. another director needed the same artifacts and was ready to pay $60,000. terry decided not to sell the artifacts to martha. in this case, the court may order terry to:

Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline

As a general rule, when accountants calculate profit they account for explicit costs but usually ignorea. certain outlays of money by the firm. b. implicit costs. c. operating costs. d. fixed costs.