Suppose that over the next few years the demand for dancing to country and western music decreases. Hence, at country and western dance clubs the equilibrium price of admission ________ and the equilibrium quantity of dancing ________
A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases
E) does not change; decreases
D
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Answer the next question based on the following data.OutputTotal Cost0$24133241348454561669The fixed cost of production is
A. $12. B. $9. C. $33. D. $24.
A perfectly competitive firm shuts down if the price of its product is
A) greater than its minimum average variable cost. B) less than its minimum average variable cost. C) greater than its maximum variable cost. D) less than its minimum total cost.
In setting the price of its product, a monopolistic competitor sets the price equal to its marginal cost plus an amount called the
A) markup. B) profit. C) rent. D) menu cost.
All points within the utilities possibilities frontier are
A) unattainable. B) efficient. C) inefficient. D) profitable.