Refer to Scenario 7.1. For 100 cookies, the average total cost is
A) falling.
B) rising.
C) neither rising nor falling.
D) less than average fixed cost.
A
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When a government subsidizes the sale of milk, cooperative surplus ________ and society gets ________
A) increases; richer B) increases; poorer C) decreases; richer D) decreases; poorer
Talking loudly in a library creates
a. a market for noise b. a positive externality c. a side payment d. a public good e. a negative externality
What are the three ways economies are organized?
a. communism, socialism, free b. market, capitalism, mixed c. traditional, command, market d. traditional, market, mixed
Carla's Candy Store is maximizing profits by producing 1,000 pounds of candy per day. If Carla's fixed costs unexpectedly increase and the market price remains constant, then the profit-maximizing level of output
a. is less than 1,000 pounds b. is still 1,000 pounds c. is more than 1,000 pounds d. will increase e. cannot be determined without more information