Table 2.2 -Krystal Runs a Nail Salon and Needs to Decide How

question 13

Multiple Choice

Table 2.2

-Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Krystal's marginal benefit of staying open per hour is $30. If she is following the marginal principle, how many hours should Krystal stay open?

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

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Definitions:

Market

A place or platform where buyers and sellers come together to trade goods, services, or financial instruments.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market with restrictions on the entry of new firms.

Law of Demand

An economic principle stating that as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa, holding all else constant.

Prices

The amount of money required to purchase goods or services, typically set by supply and demand dynamics in the market.