Refer to the information. Over the $11-$9 price range, demand is:
A. perfectly elastic.
B. perfectly inelastic.
C. elastic.
D. inelastic.
C. elastic.
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If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total fixed cost?
a. $650 b. $1,000 c. $200 d. $320
For the typical student, taking an introductory course in economics should
a. turn the student into an economist. b. teach the student solutions to most social problems. c. teach the student how to answer complex social questions. d. help the student learn to rationally analyze social problems. e. All of the above are correct.
Refer to Scenario 9.1. If Monty places ________ sheep on the commons, Sheb is better off placing ________ on the commons
A) 4; 4 B) 5; 4 C) 5; 5 D) Both A and B are correct.
In perfect competition P = MR, but in monopoly P > MR. Why? Substantiate this statement with an example.
What will be an ideal response?