Refer to the graph shown. If the seller expects a price of $48:
A. it is not economically feasible to produce any level of output.
B. the minimum level of profitable production is 18.
C. any level of output is profitable.
D. the minimum level of profitable production is 21.
Answer: A
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Because of the differing account conventions, there is a great deal of arbitrariness in a number that purports to be
A. the deficit. B. the surplus. C. the debt. D. all of these answer options are correct.
Utils are used by economists to measure the satisfaction a person obtains from consuming a good
Indicate whether the statement is true or false
Refer to the data provided in Table 9.4 below to answer the question(s) that follow. Table 9.4qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 11004014040 40 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.42Refer to Table 9.4. At a market price of $56, if the firm produces where MR = MC, then it would produce ________ units of output and earn an economic profit of ________.
A. 4; $0 B. 0; -$100 C. either 4 or 5; $0 D. 5; $0
According to the concept of comparative advantage, a good should be produced in that nation where:
A. its domestic opportunity cost is greatest. B. money is used as a medium of exchange. C. its domestic opportunity cost is least. D. the terms of trade are maximized.