The following schedule gives the cost data for a firm. Total Product Long-Run Total Cost 10 $200 20 $300 30 $450 40 $600 50 $1,000 Diseconomies of scale start between
A. 0 and 10 units of output.
B. 40 and 50 units of output.
C. 20 and 30 units of output.
D. 30 and 40 units of output.
Answer: B. 40 and 50 units of output.
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Which of the following is true in long-run equilibrium for a firm in a monopolistic competitive industry?
A) The demand curve is tangent to marginal cost curve. B) The demand curve is tangent to average cost curve. C) The marginal cost curve is tangent to average cost curve. D) The demand curve is tangent to marginal revenue curve.
Which of the following is true?
a. The actual result of changing behavior following the rule of rational choice will always make people better off. b. The actual result of changing behavior following the rule of rational choice will never make people better off. c. In terms of the rule of rational choice, zero levels of pollution would be far too costly in terms of what we would have to give up to achieve them. d. The rule of rational choice implies that it is impossible to be too safe.
Each person is always better off choosing not to pay for a public good because of the free rider problem
a. True b. False Indicate whether the statement is true or false
Briefly describe the most important differences between the market for health care and the market for other goods and services
What will be an ideal response?