Why is there a shortage of donated human organs available for transplant?
A. The supply curve for human organs is horizontal at the current zero price
B. The demand curve for organs is vertical at the current zero price
C. The quantity supplied is greater than the quantity demanded at the current zero price
D. The quantity demanded is greater than the quantity supplied at the current zero price
D. The quantity demanded is greater than the quantity supplied at the current zero price
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Which of the following is a necessary condition for a monopolist to efficiently price discriminate? a. The firm should accept the market price as given
b. The firm should study consumers to determine their willingness to spend on the product. c. The firm should produce the quantity of output where price equals marginal cost. d. The firm should acquire a patent that gives it exclusive legal rights to make, use, and sell the product for a limited time.
What is Wendy’s opportunity cost of producing a yard of cloth?
a. 3 pounds of food
b. 2 pounds of food
c. 1 pound of food
d. 1/2 pound of food