In the short run, a firm's output level is 5 units. Its average cost is $40 and its fixed cost is $50. What is this firm's variable cost of producing 5 units?
A) VC = $50
B) VC = $100
C) VC = $150
D) VC = $175
C
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In the figure above, with the rent ceiling the quantity of housing supplied is ________ units, the quantity demanded is ________ units, and the quantity rented is ________ units
A) 3,000; 6,000; 3,000 B) 3,000; 6,000; 6,000 C) 3,000; 6,000; 4,000 D) 3,000; 3,000; 3,000 E) 4,000; 4,000; 4,000
An arms race is an example of a _____
a. positive externality b. inframarginal positive externality c. Coasean solution d. prisoners' dilemma
At any quantity, the marginal factor cost is always
A) parallel to the marginal revenue product. B) below the labor supply curve. C) above the labor supply curve. D) above the labor demand curve.
Game theory is best applied to the analysis of:
A. oligopoly. B. monopoly. C. perfect competition. D. All of the statements associated with this question are correct.