Refer to the above figure. Profits for this firm will be maximized at
A) point B.
B) point C.
C) a quantity greater than point C.
D) a quantity between points B and C.
D
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Answer the next question on the basis of the following data. OutputTotal Cost0$24133241348454561669The average total cost of producing 3 units of output is
A. $14.00. B. $16.00. C. $12.00. D. $13.50.
Suppose group price discrimination is possible but a firm chooses not to and sets the same price in each market. As a result
A) price elasticity of demand is the same in each market. B) the price-inelastic market will buy zero units. C) marginal revenue in the more price-elastic market exceeds marginal revenue in the less price-elastic market. D) the deadweight loss is less than if the firm price discriminated.
By approximately how much would the federal government have to raise each worker's annual taxes to eliminate the current federal budget deficit?
A) between $50 and $100 per year B) about $50,000 per year C) between $50,000 and $100,000 per year D) about $4,000 per year
The Federal Trade Commission is an agency that would enforce
A. fair pricing for consumers. B. social regulation. C. antitrust laws. D. economic regulation.