Question

90) The difference between a perfectly competitive firm's total revenue and its total cost is

A) always zero.

B) greatest at the profit-maximizing level of output.

C) always positive.

D) always negative.

91) Currently kidneys are allocated based on the needs of each perspective recipient, their blood type, and the urgency of their case. An alternative way to allocate kidneys is to go by the order in which patients were placed on the waiting list. In that case, the allocation of resources is made using

A) personal characteristics.

B) market price.

C) auction.

D) first-come, first-served

93) Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The ________ of a football is ________.

A) relative price; 1/2 basketball per football

B) relative price; 2 basketballs per football

C) opportunity cost; $20.00

D) opportunity cost; $10.00

94) The supply curve for CDs shows the

A) maximum price that consumers are willing to pay if a given quantity of CDs is available.

B) maximum price that producers must be offered to get them to produce a given quantity of CDs.

C) minimum price that producers must be offered to get them to produce a given quantity of CDs.

D) minimum price that consumers are willing to pay if a given quantity of CDs is available.

Answer 1

Ans90) the correct option is B) greatest at the profit-maximizing level of output.

Ans91) the correct option is d) first-come, first-served.

Ans93) the correct option is b) relative price; 2 basketballs per football

Ans94) the correct option is b) maximum price that producers must be offered to get them to produce a given quantity of CDs.