In the short run a firm's lowest cost level of output is the minimum point on its ________ cost curve.
A. average fixed
B. marginal
C. total variable
D. average total
Answer: D
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A) only on imports. B) only on exports. C) on both imports and exports. D) on imports, exports, and nontraded goods.
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(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. Refer to the given information. The equilibrium quantity is:
A. 10. B. 20. C. 15. D. 30.
Suppose the current market wage rate (w) is $4. In the short run, a firm's marginal cost at the current output level is $2. What is this firm's marginal product of labor?
A) MPL = 0.5 B) MPL = 1 C) MPL = 2 D) MPL = 8