If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is
A) $1,000.
B) $700.
C) $300.
D) impossible to determine without additional information.
B
Economics
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Answer the following statement true (T) or false (F)
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The return-to-entrepreneurship curve is:
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
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Firms cannot resemble
A) incomplete contracts. B) democracies. C) an organization without externalities. D) a benevolent dictator.
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This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this were depicting an autarky economy, the amount being sold domestically is:
A. 85. B. 120. C. 75. D. 45.
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