Refer to the information provided in Figure 13.8 below to answer the question that follows. 
Figure 13.8 Refer to Figure 13.8. Each electricity producer has the given LRAC curve. The total cost of producing 100,000 kilowatts per hour is minimized with ________ firm(s) in the industry.
A. one
B. ten
C. one hundred
D. Indeterminate from the given information.
Answer: A
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In choosing the optimal output, the monopolist had only to consider its own costs and the demand curve that it faced. How do things change under duopoly and what does the Cournot model argue about how firms will behave?
What will be an ideal response?
Limited liability is a benefit available only to
A) sole proprietorships. B) partnerships. C) corporations. D) All of the above.
In economics, ________ are limited but ________ are unlimited
A) wants; resources B) resources; wants C) money; ideas D) ideas; money
If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale,
a. consumers would carry out transactions directly with resource suppliers b. firms would not have the information necessary to calculate marginal productivities of resources c. entrepreneurs would be needed to collect information d. consumers would produce output and then engage in barter e. the economy would be organized into one large firm