The table below shows cost data for a firm that is selling in a purely competitive market.OutputAverage Variable CostAverage Total CostMarginal Cost10$5.00$15.00$3124.0013.004144.7511.506165.759.009209.0012.0014Refer to the above cost chart. The lowest output level on this firm's short-run supply curve is:
A. 16.
B. 10.
C. 12.
D. 20.
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The aspects of the society's rule that concern economic transactions are referred to as:
A) economic principles. B) economic institutions. C) financial regulations. D) economic ideals.
The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?
A) 7.3 percent B) 14.4 percent C) 25.5 percent D) There is insufficient information to answer the question.
Domestic currency depreciation will:
A) help domestic firms that export and hurt domestic firms that import. B) help domestic firms that import. C) hurt domestic firms that export and help domestic firms that import. D) hurt domestic firms that export.