For a cost function C = 100 + 10Q + Q2, the average variable cost of producing 20 units of output is:
A. 20.
B. 10.
C. 30.
D. None of the answers are correct.
Answer: C
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Excess capacity and inefficiency result under monopolistic competition.
Answer the following statement true (T) or false (F)
When reality show participants travel through foreign countries, they are generating a
A. Supply of U.S. dollars and a demand for a foreign currency. B. Demand for U.S. dollars and a supply of a foreign currency. C. Supply of U.S. dollars and a supply of a foreign currency. D. Demand for U.S. dollars and a demand for a foreign currency.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to this Application, between 2012 and 2017, the increase in craft beer production increased the price of hops:
A. from $3.17 to $3.92 per pound. B. from $3.17 to $5.92 per pound. C. from $3.92 to $5.17 per pound. D. from $4.17 to $5.92 per pound.
Figure 8.12 shows a demand and costs of an unregulated monopoly. At the profit maximization output, the firm earns a profit of:
A. $0. B. $10,000. C. $50,000. D. $80,000.