Suppliers will be willing to supply a product only if
A) the price received is at least equal to the additional cost of producing the product.
B) the price is higher than the average cost of producing the product.
C) the price received is at least double the additional cost of producing the product.
D) the price received is less than the additional cost of producing the product.
Question 2
There is a federal budget deficit when
A) the government spends more that it collects in taxes.
B) the government spends less that it collects in taxes.
C) the government spends the same amount it collects in taxes.
D) taxes are too high.
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.