If the Cost of Plaster and Labor Were $5 Per

question 6

Multiple Choice

if the cost of plaster and labor were $5 per gnome and everything else is as in the problem (gnome molds cost $1,000, interest rate is 10%) , what is the lowest price of gnomes at which there would be a positive supply in the long run?

• A)$5.50
• B)$7.20
• C)$5
• D)$10
• E)$6

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Definitions:

Southeast Asia

A geographic region in Asia that includes countries such as Thailand, Vietnam, Singapore, Indonesia, and the Philippines, characterized by diverse cultures and languages.

Northwestern Europe

A geographical region in Europe that includes countries like the United Kingdom, Ireland, the Netherlands, Germany, and the Nordic countries, known for its distinct climate, economic development, and culture.

Latin America

A region in the Western Hemisphere, comprising countries where Romance languages are spoken, notably Spanish, Portuguese, and French.

Americanize Immigrants

The process of assimilating immigrants into American culture, encouraging them to adopt American customs, values, and language.