Exhibit 6-13 Cost curves
?
In Exhibit 6-13, ATC is shown by the graph labeled:
A. I.
B. II.
C. III.
D. V.
Answer: D
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A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . At what price does the firm consider shutting-down in the short run?
a. $45 b. $40 c. $95 d. $55
In the competitive price-taker model, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is
a. indeterminate. b. an upward-sloping curve. c. a downward-sloping curve. d. the same as the firm's demand curve.
A monopoly creates a deadweight loss to society because it earns both short-run and long-run positive economic profits
a. True b. False Indicate whether the statement is true or false
In an open economy, how many bikes will this country export?
A. 20,000 B. 60,000 C. 80,000 D. 50,000