Total cost is calculated as
a. average fixed cost plus average variable cost
b. fixed cost plus variable cost
c. the additional cost of the last unit produced
d. marginal cost plus variable cost
e. marginal cost plus fixed cost
B
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In peak-load pricing, the off-peak profit-maximizing quantity is ________ than the profit-maximizing quantity during the peak period and the profit-maximizing price during the off-peak period is ________ than the profit-maximizing price during the peak period.
A) less; more B) more; more C) less; less D) more; less
Monopoly pricing reduces consumer surplus.
Answer the following statement true (T) or false (F)
Brandon is considering buying a used car but he first downloads a report from the internet that shows the history of accidents and major repairs conducted on the car. This action is called
A monopolistically competitive industry has all of the following characteristics except
A. a large number of firms. B. product differentiation. C. there are no barriers to entry. D. strategic behavior.