Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3
Refer to Table 8.3. The marginal cost of the fourth unit is ________ and the average total cost of four units is ________.
A. $30; $35
B. $20; $45
C. $10; $30
D. indeterminate from the given information
Answer: A
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Government production accounts for about half of all GDP in the United States.
Answer the following statement true (T) or false (F)
The graph shown portrays a subsidy to buyers. The deadweight loss arising from the subsidy is:
A. $400.
B. $3,600.
C. $750.
D. $800.
A line that rises from left to right has a positive slope
a. True b. False Indicate whether the statement is true or false
Which of the following examples would most likely be the result of government regulations on a firm?
a. Shimmer, Inc. enters a highly competitive market. b. Paperbright, Ltd needs a subsidy to stay in business. c. LunarGlow, Inc. hires more employees. d. ShineOn, Ltd. lowers its prices, but still makes a profit.