Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. The firm's total fixed cost is:
A. $2,800.
B. $3,000.
C. $4,500.
D. $7,000.
Answer: B
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A decrease in the price of leather used to make shoes would cause the
a. demand for shoes to decrease. b. demand for shoes to increase. c. supply of shoes to decrease. d. supply of shoes to increase.
Suppose the demand for calendars increases in November. At the same time, the price of the ink used in the production of calendars increases. In the market for calendars, if the size of the shift of the demand curve is larger than the size of the shift of the supply curve, then the equilibrium quantity rises
a. True b. False Indicate whether the statement is true or false
By all accounts, the annual economic gains to immigration in the United States are
A. substantial at $480 million, or 3.2% of GDP. B. extremely large at $1.5 trillion, or 10% of GDP. C. negative as immigrant workers take jobs away from American workers. D. relatively small at about $46 billion, or 0.24% of GDP. E. non-existent at essentially $0.
There is evidence to suggest that slaves were commonly sold and families were often separated
Indicate whether the statement is true or false