Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.00 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 2?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 20,500
B) 22,500
C) 27,000
D) 24,000
B) 22,500
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A firm that has the ability to control to some degree the price of the product it sells
A) is also able to dictate the quantity purchased. B) faces a perfectly inelastic demand curve. C) is a price maker. D) faces a demand curve that is inelastic throughout the entire range of market demand.
Which of the following is a FALSE statement concerning purchasing power parity?
A) Purchasing power parity states that dollars will tend to exchange for pounds at a rate that maintains a constant purchasing power of a given quantity of a currency. B) It is rare to see deviations from the purchasing power parity value of currencies. C) Over the long run, purchasing power parity exerts influence over exchange rates. D) An overvalued dollar buys more in Britain than it does in the United States.