Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 50, the total variable cost is:
A. $1,200.
B. $1,500.
C. $2,100.
D. $2,800.
Answer: B
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A risk-averse person's marginal utility of wealth
A) increases as wealth increases. B) decreases as wealth increases. C) is constant. D) is negative.
Which of the following is true of both a tradable permit system and the assignment of property rights? a. Both methods result in socially optimal consumption. b. Both methods result in a deadweight loss to the society
c. Both methods ensure that the Coase theorem does not increase the welfare of an economy. d. Both methods push the economy into a liquidity trap.
Economic growth is an exponential process because gains made in one year accumulate in future years.
Answer the following statement true (T) or false (F)
Which statement is true?
A. Aid to other countries is the fourth largest spending item in the federal budget. B. Nearly half of federal government spending goes for direct payments to individuals. C. Over half of all federal tax receipts comes from the personal income tax. D. Defense spending per capita is less than most other industrial countries.