Refer to the given data. At what price does each shoe shine sell?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor.
Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe
shines are also sold competitively.
A. $1.
B. $2.
C. $3.
D. $2.50.
C. $3.
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Lisa has an income of $250 per week, which she spends entirely on milk and eggs. The price of milk is $2 per gallon and the price of a dozen eggs is $1
What is the opportunity cost of a gallon of milk? If the price of a dozen eggs rises to $1.50, what happens to the opportunity cost of a gallon of milk?
According to aggregate demand and supply analysis, the rising oil prices coupled with the global financial crisis in 2007-2008 caused the unemployment rate to ________ and the level of real aggregate output to ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease