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

question 116

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 $24.How many hours should Joe stay open?

• A) 3 hours
• B) 4 hours
• C) 5 hours
• D) 6 hours

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Definitions:

Centrally Coordinated

Managed or organized from a single, central point, often referring to administrative or operational activities.

Contractual Vertical Marketing System

A coordinated marketing system among businesses at different levels of the supply chain, established through contracts to maximize efficiency and profitability.

Functional Economies

Economic systems oriented towards the efficient and sustainable provisioning of goods and services to meet human needs.

Retailers

Businesses or individuals that sell goods directly to consumers, usually in small quantities, from a physical space or online platform.