When you arrive at Olive Garden with your date, you have to wait 25 minutes for a table. Olive Garden is allocating tables using which method?
A) market price
B) first-come, first-served
C) command
D) personal characteristics
E) sharing equally
B
Economics
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Jane makes 1000 items a day. Each day she spends 8 hours producing those items. If hired elsewhere she could have earned $250 an hour. The item sells for $15 each. Production occurs seven days a week. If the explicit costs total $150,000 per month, what is her accounting profit?
a. $300,000 b. $60,000 c. $450,000 d. $240,000
Economics
Which of the following is not characteristic of perfect competition?
a. many buyers and sellers b. brand name advertising c. standardized products d. fully informed buyers and sellers e. free entry and exit of firms
Economics