Trevor’s Tire Company produced and sold 500 tires. The average cost of production per tire was $50. Each tire sold for a price of $65. Trevor’s Tire Company’s total costs are
a. $7,500.
b. $25,000.
c. $32,500.
d. $67,500.
Ans: b. $25,000.
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A. cars; cheese B. cheese; cheese C. cars; cars D. cheese; cars
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A) decreases; decreases B) increases; decreases C) decreases; increases D) increases; increases E) does not change; increases
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Fill in the blank(s) with the appropriate word(s).
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A. Four-firm concentration ratio B. Four-firm concentration ratio and HHI index C. Consumer surplus D. HHI index