Figure 2.4 -Joe Runs a Business and Needs to Decide How Many

question 130

Multiple Choice

Figure 2.4
-Joe runs a business and needs to decide how many hours to stay open.Figure 2.4 illustrates his marginal benefit of staying open for each additional hour.Suppose that Joe's marginal cost of staying open per hour is $32.How many hours should Joe stay open?

• A) 4 hours
• B) 5 hours
• C) 6 hours
• D) 7 hours

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Definitions:

Agricultural Products

Goods derived from agriculture including crops, livestock, and products directly obtained from farming activities.

Wheat

Wheat is a cereal grain grown worldwide and is a staple food ingredient used for making bread, pasta, cake, and many other food products.

Pure Competition

A market format where there are many sellers presenting the same products, and none of these sellers are able to affect the market price on their own.

Unique Product

A product that is different from others in the market due to distinctive features, design, or attributes that make it stand out.