Lin's Fortune Cookies Are Identical to the Fortune Cookies Made

question 78

Multiple Choice

Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms,and there is free entry in the fortune cookie market.Buyers and sellers are well informed about prices.The price of a fortune cookie is determined by ________.The marginal revenue of a fortune cookie equals ________.

• A)market demand and market supply;price
• B)the ingredients that Lin's uses to produce his fortune cookies;average total cost
• C)the number of cookies that Lin's produces;average variable cost
• D)the freshness of the fortune cookies;average fixed cost
• E)market demand and market supply;the price elasticity of demand

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Definitions:

Government

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Economic Forces

Factors that influence the direction of economic activities and trends, such as supply and demand, inflation, and employment levels.

Nonmedia Social Factors

Influences on society and individuals that originate outside of media sources, such as family, education, and socio-economic status.

Sociologists

Experts who study social behavior, society, patterns of social relationships, social interaction, and culture.