A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive. Then, the price falls to $18, and the firm makes whatever adjustments are necessary to maximize its profit at the now-lower price. Once the firm has adjusted, its
a. quantity of output is lower than it was previously.
b. average total cost is lower than it was previously.
c. marginal cost is higher than it was previously.
d. All of the above are correct.
a
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I purchase a 10 percent coupon bond. Based on my purchase price, I calculate a yield to maturity of 8 percent. If I hold this bond to maturity, then my return on this asset is
A) 10 percent. B) 8 percent. C) 12 percent. D) there is not enough information to determine the return.
Fast Food Terminals III After firing cashiers to install touchscreens for patrons to place orders, Taco Casa determined that their average cost per touchscreen order was $0.65 . After determining that the average compensation cost per human mediated order was $0.60 per order, they revert back to human order takers. Then why did the realized average cost per order with humans come in at $0.70?
Answer the following statement(s) true (T) or false (F)
1. The Maximum Contaminant Level (MCL) is to be set as close to the Maximum Contaminant Level Goal (MCLG) as possible. 2. An established reference dose (RfD) is defined as the amount of a contaminant to which people can be exposed over a 24-hour period without harm. 3. U.S. primary drinking water regulations are performance-based standards. 4. Secondary maximum contaminant levels (SMCLs) are enforceable drinking water standards that are set to protect public welfare. 5. A drinking water standard based on benefit-cost analysis would be set at the point where the TSB is maximized.
Which one of the following expressions best states the idea of opportunity cost?
A. "A penny saved is a penny earned." B. "He who hesitates is lost." C. "There is no such thing as a free lunch." D. "All that glitters is not gold."