A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000 . The factory's TC
a. equals $15.
b. equals $5,005.
c. equals $15,000.
d. cannot be determined from the information given.
c
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In the first years of the new nation, American producers
(a) found it difficult to compete with the British in manufactured goods. (b) quickly developed agricultural technology that was more efficient than that in England. (c) did not use British manufacturing technology because England had forbidden the export of its technology. (d) began to specialize in the production of manufacturing goods, selling them to England and Europe.
Whenever a price floor is imposed above equilibrium price, it is true that:
a. supply will increase due to a higher price and a surplus will result b. supply will increase due to a higher price until it just equals the quantity demanded. c. demand will increase due to a higher price and a shortage will result. d. quantity supplied will exceed the quantity demanded.
Which statement best describes social surplus?
a. the sum of consumer surplus and producer surplus b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
An increase in supply means that:
a. the supply curve has shifted leftward. b. there is an upward movement along the supply curve. c. producers are willing to sell more at each price. d. there is an downward movement along the supply curve.