The break-even quantity is
a. Fixed Costs/Price
b. Fixed Costs/Marginal Cost
c. Fixed Costs/(Price – Marginal Costs)
d. Contribution Margin/Fixed Costs
c
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Explain why government actions that make industries more competitive do not create comparative advantage
What will be an ideal response?
Which of the following models results in the greatest deadweight loss assuming a fixed number of firms with identical costs and a given demand curve?
A) Cournot B) Stackelberg C) Monopoly D) Perfect competition
When jobs are outsourced,
A. Unemployment increases significantly. B. Production possibilities expand. C. Corporations lose money. D. The economy begins to collapse.
Answer the following questions true (T) or false (F)
1. If marginal product is equal to average product, then total product is at a maximum. 2. If marginal cost is above the average variable cost, then average variable cost is decreasing. 3. If the marginal product of labor is decreasing, then marginal cost of production must be rising.