Use the above figure. The total cost faced by this monopolistically competitive firm is
A. $2,080.
B. $1,900.
C. $3,150.
D. $1,600.
Answer: A
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
A reduction of the discount rate by the Federal Reserve Banks has the direct effect of
A) making it less costly for commercial banks to borrow from the Fed. B) making it more costly for the Treasury to finance deficits. C) increasing commercial bank reserves. D) increasing the stock of money. E) doing all of the above.
Researcher Indur Goklany has estimated that if traditional technologies, like those used in 1961, were still in use, other things equal, wildlife habitat
a. would be more abundant and far healthier today. b. would have increased, benefiting wildlife substantially. c. would have declined substantially, as the need for farmland would not have declined as it did. d. would have been unaffected.