Which is the best example of specialization?
A) a high school math teacher who teaches only calculus
B) a firm that produces both luggage and cooking oil
C) a person whose job includes accounting, personnel, and maintenance tasks
D) a high school math teacher who teaches algebra and calculus
A
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If the demand for jelly increases, and the price of grapes (used to make jelly) rises
A) the equilibrium quantity of jelly falls and the equilibrium price of jelly might rise or fall. B) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. C) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. D) the equilibrium price of jelly falls and the equilibrium quantity of jelly rises.
Refer to the table above. If the price of a chair increases to $15, and the rental price of machines is $90 per day, up to how many machines should the firm rent to maximize profits?
A) 1 B) 3 C) 5 D) 6