Use the following data to answer the next question.OutputATC-AATC-BATC-C10$6$13$442059353046274054205073146010411701458801976902510510032167The letters A, B, and C designate three successively larger plant sizes. In the long run, the firm should use plant size "C" for the production of
A. all possible levels of output.
B. 80 to 100 units of output.
C. 10 to 30 units of output.
D. 40 to 70 units of output.
Answer: B
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The dominant strategy in the prisoners' dilemma is for
A) neither player to confess. B) both players to confess. C) only the dominant player to confess. D) the dominant player not to confess.
The following table shows a monopolist’s demand curve and cost information for producing its good. What price will the monopolist charge?
a. $25
b. $30
c. $20
d. $35
Consider the following information regarding a person’s decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year. Suppose that instead of going to college this person could have earned $18,000 working in a store. An economist would calculate the cost of going to college as
A. $20,000. B. $30,000. C. $32,000. D. $50,000. E. $18,000.
If the elasticity of demand for restaurant meals is 2.27, the demand for restaurant meals is:
A. perfectly inelastic. B. inelastic. C. elastic. D. unit elastic.