If the market price is $5 and you are currently producing at a level where average total cost is $3 and falling, you should:
a. b or c, it doesn't matter.
b. shut down.
c. produce only enough to cover variable costs.
d. produce where MR = MC.
e. produce until the average total cost and average revenue are equal.
d
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Refer to Scenario 15.2. With no other information available, it is
A) clear Furry should retool the offices. B) clear Furry should rewire the network. C) clear Furry should move to Southern California. D) clear Furry should either retool the offices or rewire the network. E) not possible to tell which payment stream is most valuable to Furry.
Which of the following statements is not accurate about the 1920s?
a. There was a significant increase in mass production and mass marketing. b. There was a significant increase in urbanization. c. The ability of many Americans to afford consumer goods dropped sharply. d. Consumer credit policies were developed and instituted on a large scale for the first time.
Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers. b. higher prices for their output, lower profits for owners, and lower wages for workers. c. higher prices for their output, lower profits for owners, and higher wages for workers. d. lower prices for their output, higher profits for owners, and higher wages for workers. e. higher prices for their output, higher profits for owners, and higher wages for workers.
If the natural rate of unemployment falls,
a. both the short-run Phillips curve and the long-run Phillips curve shift. b. only the short-run Phillips curve shifts. c. only the long-run Phillips curve shifts. d. neither the short-run nor the long-run Phillips curves shift.