Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. If the market price is $20, then to maximize profits this firm should produce
A. zero units of output.
B. one unit of output.
C. two units of output.
D. four units of output.
Answer: D
You might also like to view...
In the United States, a reason for the increase of the labor force participation rate for women is that
A) an increase in wealth allowed men to retire early. B) more women pursued a college education and received higher wages upon graduation. C) fewer women married. D) there has been a decrease in jobs with flexible hours. E) improved Social Security benefits are available for women if they work.
If demand price elasticity measures 2, this implies that consumers would:
a. buy twice as much of the product if the price drops 10 percent. b. require a 2 percent drop in price to increase their purchases by 1 percent. c. buy 2 percent more of the product in response to a 1 percent drop in price. d. require at least a $2 increase in price before showing any response to the price increase. e. buy twice as much of the product if the price drops 1 percent.
Of the curves displayed in the graph shown, what does curve B most likely represent?
A. Average variable cost B. Marginal cost C. Average fixed cost D. Average total cost
A change in the aggregate price level moves the economy along a given aggregate supply curve.
Answer the following statement true (T) or false (F)