Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $7. What will be the value of total revenue when quantity sold equals 2?

Suppose, in the United States, each farmer is given a federal agricultural subsidy worth $30,000 . What will be the effect of such subsidy?

a. It discourages domestic agricultural production. b. It allows U.S. farmers to sell their products for lower prices in foreign markets. c. It gives foreign producers an unfair cost advantage. d. It increases the amount of agricultural imports into the United States. e. It reduces the prices of the primary products in the U.S. market.

A promoter might charge less than the profit maximizing ticket price because

A. the talent may want to create a reputation for charging fair price so as to get more in the future. B. he believes his own "hype" about the demand for the event. C. he knows that the cost of constructing the facility is a "sunk cost" and must be ignored. D. all of the options are correct.