Answer the next question based on the following demand and cost data for a specific firm.Demand DataCost Data(1) Price(2) Price(3) QuantityTotal OutputTotal Cost$50$3522$4545303355402544703520559030156611525107714520588180In the long run, the number of firms in this monopolistic competitive industry will most likely
A. stay the same.
B. decrease.
C. increase.
D. cannot be determined from the given data.
Answer: C
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For a household, the opportunity cost of not working is the
A) price level. B) nominal wage rate. C) demand for labor. D) cost of living. E) real wage rate.
In which of the following situations would a negative externality most likely be involved?
A. It is night and Kenneth is sitting in his easy chair reading a novel by John Grisham. The lamp he is reading by has only a 40-watt light bulb. He is having a hard time reading. B. Alyson lives near an airport. At five o'clock in the morning every day she can hear the airplanes taking off and it awakens her. C. Lucy went to a fancy restaurant last night and ordered the most expensive meal on the menu. She hated it. D. Richard is taking an economics class from Professor Franklin. Professor Franklin often says things that confuse Richard.
If an economy saves 20 percent of any increase in real Gross Domestic Product (GDP), then an increase in investment of $2 billion can produce an increase in real Gross Domestic Product (GDP) of as much as
A) $2 billion. B) $10 billion. C) $0.4 billion. D) $1.6 billion.
What is the total cost at the break-even quantity calculated above?
a. $750 b. $1000 c. $1500 d. $2000