3.1 Market and Prices

¡Supera tus tareas y exámenes ahora con Quizwiz!

The money price of a pound of bananas is ​$0.20 and the money price of a pack of frozen wafflesis ​$0.80. The opportunity cost of a pack of frozen waffles is​ _______. A. 4.00 pounds of bananas, which is the relative price of a pack of frozen waffles B. ​$0.20, the money price of a pound of bananas C. 0.25 packs of frozen waffles D. ​$0.80, the price of a pack of frozen waffles

A. 4.00 pounds of bananas, which is the relative price of a pack of frozen waffles

The relative price of a gallon of gasoline in terms of a pound of bananas is​ ______. A. the money price of a gallon of gasoline divided by the money price of a pound of bananas B. the money price of a pound of bananas C. the money price of a pound of bananas divided by the money price of a gallon of gasoline D. the quantity of gasoline you can buy with the money you would use to buy a pound of bananas

A. the money price of a gallon of gasoline divided by the money price of a pound of bananas

A competitive market is a market that has​ _____, so​ _____ can influence the price. A. many buyers and one​ seller; no buyer B. one buyer and many​ sellers; no seller C. many buyers and​ sellers; no single buyer or seller D. many buyers and​ sellers; both buyers and sellers

C. many buyers and​ sellers; no single buyer or seller

Which of the following is an example of money price​? A. The price of cashew has gone up by 4 percent. B. Megan earns​ $15 an hour at her job. C. Jim wants to buy a stereo player. D. Joe paid​ $15 to buy a pizza box from​ McDonald's.

D. Joe paid​ $15 to buy a pizza box from​ McDonald's.

The relative price of a pack of frozen waffles is an opportunity cost because​ ______. A. it is expressed as a money price B. the relative price tells us how many packs of frozen waffles we must give up to get a pound of bananas C. it is constant D. the relative price tells us how many pounds of bananas we must give up to get a pack of frozen waffles

D. the relative price tells us how many pounds of bananas we must give up to get a pack of frozen waffles


Conjuntos de estudio relacionados

Marketing Chapter 7 - Segmentation, Targeting, and Positioning

View Set

Chapter 3: Stoichometry/Mass Balence

View Set

Acct 200 journal entries from lectures, exam 1

View Set

Lesson 2 - Triumph of Democratic Nationalism Unit 7

View Set

Management Science 590 - Chapter 09

View Set

Accounting Final Review Multi-choice

View Set