If marginal cost were $22, how many units of output would this firm produce?
A. 1
B. 2
C. 3
D. 4
C. 3
You might also like to view...
Explain dynamic and defensive open market operations. What is the purpose of each type? Describe two situations when defensive open market operations are used. How are defensive open market operations typically conducted?
What will be an ideal response?
As it relates to the R&D decision, the interest-rate cost-of-funds curve:
A. usually slopes downward. B. is the marginal cost element in the MB = MC decision framework. C. indicates a constant rate of return, r. D. reflects the interest rate on bank loans but not the implicit interest rate on the use of retained earnings.
Which of the following is the best example of a perfectly competitive industry?
A) steel production B) airplane production C) wheat production D) electricity production
An inferior good is one in which
a. the average consumer chooses not to consume.
b. the good is not equally valued by all consumers.
c. an increase in income increases consumption of the good.
d. an increase in income decreases consumption of the good.