Which statement is false?
A. The minimum point of the AVC curve is the shutdown point.
B. The minimum point of the ATC curve is the breakeven point.
C. The firm's short-run supply curve runs up the marginal cost curve from the shutdown point all the way up the curve.
D. None of these statements are false.
D. None of these statements are false.
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Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry B) strategic dependence of firms C) differentiated products D) either a small number of firms or market dominance by a small number of firms
Economists are often perceived as disagreeing with each other. Is this the way things really are?
a. No, economists agree on much more than is commonly supposed. b. No, the problem is that some economists are smarter than others. c. No, economists "stage" disagreements for public amusement. d. Yes, economists rarely agree on much of anything. e. Yes, economists are unable to analyze problems dispassionately.
(a) Using the data from graph, calculate the firm's total profit. (b) If the firm operates at optimum efficiency, how much will its output be? (c) If the firm were a perfect competitor, how much will its price be in the long run?
Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $125 each, then at her profit-maximizing level of output, Sarah's profit will be ________ per day.
A. $90 B. $625 C. $105 D. $100