After Negotiating a New Supply Contract with Jim,Beth Takes Him

question 74

Multiple Choice

After negotiating a new supply contract with Jim,Beth takes him to dinner at the Magnolia Cafe.The dinner costs $94.The amount includes tip ($15) and sales tax ($5) .Cab fare to and from the restaurant is $20.How much can Beth deduct for the evening's expenditures?

• A)$ 47
• B)$ 52
• C)$ 67
• D)$ 94
• E)$114

Understand the relationship between marginal revenue and profit maximization.

Comprehend the concept of economic profits and losses in the long run under perfect competition.

Acknowledge the impact of technology and the Internet on market competition and knowledge.

Understand the price, marginal revenue, average total cost, and marginal cost under perfect competition.

---

Definitions:

Contract

A legal agreement between parties that creates mutual obligations enforceable by law.

Ratify

To ratify is to formally approve or confirm an agreement or treaty, often by a vote or other formal decision-making process.

Customized

Refers to products, services, or solutions tailored to meet specific customer needs or preferences.

Repudiated

The act of rejecting or disavowing a claim, contract, or obligation, especially in a formal or official manner.