Author Question: Refer to Scenario 2.1. If P = 25, which of the following is true? A) There is a surplus equal to ... (Read 53 times)

nmorano1 · **on:** Jul 1, 2018

Refer to Scenario 2.1. If P = 25, which of the following is true?

A) There is a surplus equal to 30.
B) There is a shortage equal to 30.
C) There is a shortage, but it is impossible to determine how large.
D) There is a surplus, but it is impossible to determine how large.

Question 2

Given the information in Scenario 14.1, how much labor will be hired to maximize profit?

A) 1/16
B) 1/2
C) 1
D) 4