Assume Manfred's Shoe Shine Parlor Hires Labor, Its Only Variable

question 328

Multiple Choice

Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. If the wage rate is $11 and Manfred's only fixed input is capital, the total cost of which is $30, then what will be his economic profit?

• A)64
• B)42
• C)32
• D)28

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Definitions:

Mechanical Ventilation

A life-support technique that mechanically assists or replaces spontaneous breathing by delivering air to the lungs.

Closed In-Line Catheter

A medical device designed to provide continuous access to a patient's vascular system without the need to repeatedly puncture the skin, often used in critical care to administer medications or fluids.

Hyperoxygenate

To supply or saturate something, especially the body or part of the body, with an excessive amount of oxygen.

Airway

The part of the respiratory system through which air flows, beginning at the nose and mouth and continuing through the lungs.