Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If twelve microwave ovens are produced, Micro Oven's average total costs are
A. $25.
B. $41.67.
C. $50.
D. $66.67.
Answer: D
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A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____
a. marginal returns b. total costs c. marginal costs d. average costs e. average benefits
For a time, either R. J. Reynolds or Phillip Morris raised prices of cigarettes twice a year by about 50 cents per carton. The other firms in the industry raised their prices by the same amount. Economists call this: a price war. a. predatory pricing
b. a price war. c. price leadership. d. producer sovereignty.
If the international price of oranges is less than the domestic price of oranges in Spain, then Spain will export oranges to other countries
a. True b. False Indicate whether the statement is true or false
The long-run total cost of zero output is equal to
A. the marginal revenue product of labor. B. fixed cost. C. variable cost. D. zero.