The above table gives some cost data for Peter's Pickles. Peter's fixed cost is $20. The average total cost (ATC) when 5 barrels of pickles are produced is
A) $22.
B) $26.
C) $35.
D) There is not enough information to answer the question.
B
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What did President George W. Bush and Mother Teresa have in common?
A) They each pursued projects in which they were interested. B) They each demonstrated a burning desire to directly serve the poorest of the poor. C) They each promoted a plan to build up the American nuclear defense system. D) They were both well-known fans of the Dallas Cowboys.
Other things constant, an increase in resource prices will
a. increase aggregate demand. b. decrease aggregate demand. c. decrease short-run aggregate supply. d. increase short-run aggregate supply.
If the wage rate increases:
A. a purely competitive producer will hire less labor, but an imperfectly competitive producer will not. B. an imperfectly competitive producer will hire less labor, but a purely competitive producer will not. C. a purely competitive producer and an imperfectly competitive producer will both hire less labor. D. an imperfectly competitive producer may find it profitable to hire either more or less labor.
If individual firms face a horizontal demand curve at a given market price:
A. price is equal to average total cost. B. price is equal to marginal cost. C. price is equal to marginal revenue. D. price is equal to average variable cost.