Which formula is used to calculate total cost?
a. TC = p – Q
b. TC = P – Q
c. TC = ATC ´ Q
d. TC = ATC + Q
c. TC = ATC ´ Q
You might also like to view...
Which of the following is true regarding price discrimination?
i. It converts consumer surplus to economic profit. ii. A price discriminator must be a monopoly. iii. To be able to price discriminate, the firm must be able to identify different types of buyers. A) i and ii B) i and iii C) ii and iii D) ii only E) i, ii, and iii
If Mexico imports more than it exports to Canada, this contributes to
a. a favorable balance of trade for Mexico b. an unfavorable balance of trade for Canada c. Canadians having to borrow pesos from the foreign exchange market d. Mexicans buying assets in Canada e. a favorable balance of trade for Canada
If a firm in a perfectly competitive market faces the cost curves in the graph shown and produces at the profit-maximizing level of output, which of the following is true? A firm will:
A. make positive profits any time the price is greater than $15. B. lose money and shut down in the short run if price falls below $15. C. lose money, but continue to operate in the short run if price is at least $15. D. All of these are true.
If firms make a profit in the short run, firms will exit the market in the long run.
Answer the following statement true (T) or false (F)