Refer to the graph below. It shows the cost curves for a competitive firm. What is the lowest price at which the firm will start producing output in the short run?
A. $1.25
B. $1.05
C. $0.90
D. $0.60
D. $0.60
You might also like to view...
Because the CPI overstates inflation,
A) when wages are linked to the CPI, workers' wages become too low as time passes. B) as time passes, government payments are increasingly lower than intended. C) as time passes, government outlays are increased by more than necessary to compensate for inflation. D) workers do not receive adequate compensation for price changes. E) most contracts use the GDP deflator to measure inflation.
If productive efficiency characterizes a market
A) the marginal cost of production is minimized. B) the output is being produced at the lowest possible cost. C) firms use the best technology available to produce the good. D) firms produce the goods that consumers desire most.
How did McDonalds address the drive-through innovation in China?
What will be an ideal response?
The basic economic problem is a situation of
A) limited resources and unlimited wants. B) both limited resources and limited wants. C) limited incomes and unlimited choices. D) unlimited incomes and limited choices.