Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
What is the lowest price at which the firm will start producing output in the short run?
A. $0.90
B. $1.05
C. $0.60
D. $1.25
Answer: C
Economics
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Which factor of production includes water?
A) physical capital B) human capital C) land D) entrepreneurship
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You expect one-third of your customers to be high value, willing to pay $9 for your product, and the other two-thirds to be low value customers willing to pay only $3 . You cannot tell them apart. If the product costs $3, and you charge $9, what is your expected profit?
a. $1 b. $2 c. $3 d. $4
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Equilibrium GDP and the interest rate are interdependent
a. True b. False
Economics