Refer to the cost table below. If the price of the product is $6, what output level will the firm produce?
The table shows cost data for a firm that is selling in a purely competitive market.
A. 0
B. 12
C. 14
D. 16
C. 14
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The quantity of goods exchanged in a market will be below the equilibrium quantity
A. when the price is either held above or below the equilibrium price. B. only when the price is held above the equilibrium price. C. only when the price is held below the equilibrium price. D. only when the price is rising.
For any country that allows free trade,
a. domestic quantity demanded is equal to domestic quantity supplied at the world price. b. domestic quantity demanded is greater than domestic quantity supplied at the world price. c. both producers and consumers in that country gain when domestic products are exported, but both groups lose when foreign products are imported. d. the domestic price is equal to the world price.
A scatter chart is useful when one variable is measurable and the other is not
Answer the following statement(s) true (T) or false (F)
Suppose real GDP is $14 trillion and potential real GDP is $14.4 trillion. An increase in government purchases of $400 billion would cause real GDP to ________ potential real GDP (assuming a constant price level)
A) equal B) be less than C) be more than D) There is insufficient information given here to draw a conclusion.