Use the following graph to answer the next question.
What per-unit profit will this firm receive?
A. $35
B. $45
C. $10
D. $25
Answer: B
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Assume that with existing tax and spending laws, government spending exceeds government tax revenues. To cover the resulting shortfall, the government must:
A) increase consumers' incomes. B) print more money. C) Borrow money in the financial markets. D) lower interest rates.
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve
a. True b. False Indicate whether the statement is true or false
When a highly valued resource cannot be easily traded, as is often true with water flowing in a river, then
a. it will not be hoarded by the rich, but will be available to all on an equal basis. b. we can expect shortages from time to time, and conflicts over access to its use. c. its price will be low as a result. d. markets in the resource will clear more easily, without greed and profit to get in the way.
What is the average fixed cost when output is 120 units in Figure 21.2?
A. $80.00. B. $0.67. C. $208.00. D. $96.00.