The above table gives some of the costs of the Delicious Pie Company. What is the average total cost of producing 200 pies?
A) $5.00
B) $650
C) $6.50
D) More information is needed to calculate the average total cost.
C
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Use the following graph showing short-run cost curves for a perfectly competitive firm to answer the next question.
At what minimum price would the firm be willing to produce output in the short run?
A. P1 B. P2 C. P3 D. P4
The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices. B) higher for a recent medical-school graduate than for a physician with a well-established practice. C) the value of the time when spent in its next best use. D) zero under a system of complete and comprehensive medical insurance.
Firms that survive in the long run are usually those that
A) become as large as possible. B) remain small. C) use more capital rather than more labor. D) earn the largest possible profit.
Investors must rely on stockbrokers to give detailed, day-to-day reports on stocks and bonds.
Answer the following statement true (T) or false (F)