When output is 500, a firm's fixed costs are $10,000 and its variable costs are $15,000. The firm's total costs are therefore:
A. $25,000.
B. $15,000.
C. $10,000.
D. $ 5,000.
Answer: A
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In a Nash equilibrium:
A. the strategy played by an individual depends upon the strategy played by other players B. the strategy played by each individual is a best response to the strategies played by everyone else C. there is no incentive for any player to deviate D. All of these are correct.
Oligopoly and monopolistic competition are examples of a market structure called imperfect competition
a. True b. False Indicate whether the statement is true or false
In terms of improving the standard of living of the poor, one drawback on the earned income tax credit (EITC) is that:
A. it provides no benefits to people who are unemployed. B. it's only available to individuals whose incomes are above a certain threshold. C. it provides workers with in-kind transfers. D. it gives firms a strong incentive to lay off low-wage workers.
Players in all of the following games have no dominant strategy except in
A) a prisoner's dilemma game. B) a pure coordination game. C) an assurance game. D) a battle of the sexes game.