If the Cost of Plaster and Labor Were $10 Per

question 3

Multiple Choice

if the cost of plaster and labor were $10 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)$10
• B)$11
• C)$20
• D)$12.20
• E)$12

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Definitions:

Law

Rules of conduct in any organized society that are enforced by the governing authority of the community.

Moving Party

The party in a legal case who initiates a motion requesting the court for a specific action or ruling.

Concurrent Jurisdiction

Refers to a situation where more than one court is capable of hearing the same case or claim.

Removal

A legal term referring to the transfer of a case from one court to another, especially from a state to federal court.