Figure 5.3 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm minimizes average variable costs by producing ________ units.
A. 50
B. 100
C. 150
D. 200
Answer: B
You might also like to view...
Barter requires the
A) exchange of goods and services directly for other goods and services. B) use of fiat money as a medium of exchange. C) use of commodity money as a medium of payment. D) the triple non-coincidence of wants. E) use of money as a unit of account.
Refer to the table below. If the discount rate is 5 percent and the cost of the investment is $42,000, what is the net present value of the investment?
The above table shows the future operating profits from an investment. The future operating profits are earned at the end of each of the respective years.
A) $44,854.77
B) $2,854.77
C) $3,599.22
D) $42,464.22
Graphically, the marginal revenue curve of a monopolist:
a. will sometimes lie below the demand curve of the monopolist. b. will always lie below the demand curve of the monopolist. c. is the same as the demand curve of the monopolist. d. will equal ?1 when the elasticity of demand is unitary.
Which of the following statements best describes the invisible hand as described by Adam Smith in The Wealth of Nations?
a. It describes how the world should be. b. Society should focus on other people. c. Self-interested behavior by individuals can lead to positive social outcomes. d. Self-interested behavior by individuals is harmful to society.