At an output level of 50 units per day a firm has average total costs of $60 and average variable costs of $35. Its total fixed costs are:
A. $925
B. $1,250
C. $1,750
D. $3,000
B. $1,250
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The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________
A) the price; income B) the quantity demanded; income C) income; the quantity demanded D) income; the price
Assume that the initial demand and supply curves in the above figure are DA and SA, respectively. The initial equilibrium price and quantity are
A) P1 and E. B) P3 and F. C) P1 and G. D) P2 and F.
In the nonstrategic view of bargaining
a. Insights are drawn from how many similar games are played without specifying the strategies b. We use the fact that bargaining often results in a fifty-fifty split c. The bargain is affected by the parties' disagreement values d. All of the above
Pure monopoly is defined as a
A. one-firm industry. B. market structure in which there are many substitute products. C. market structure maintained by entry of many rival firms. D. market structure created by special government sanctions.