If the first copy cost of a music video is $223,000 and the marginal cost is $0, how much is the average total cost if the firm produces 1 million copies?
A. 22.3 cents
B. 0.223 cents
C. 1,223,000
D. 223,000,000,000
Answer: A
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Which of the following is NOT an advantage of a correctly specified structural model?
A) Structural models may help us to more accurately predict the effect that monetary policy has on economic activity. B) A structural model provides more pieces of evidence about monetary policy's effect on economic activity. C) Structural models may allow economists to more accurately predict the impact institutional changes have on the link between monetary policy and income. D) A structural model imposes no restrictions on the way monetary policy affects the economy.
Which is a required characteristic of a perfectly competitive industry?
A) There are few firms so that none can influence market price. B) Products are highly differentiated. C) Barriers to entry are high. D) None of the above
By hedging with futures, buyers and sellers are eliminating basis futures price level risk and assuming level risk.
a. true b. false
Exports ________ GDP and imports ________ GDP.
A. increase; decrease B. decrease; increase C. increase; increase D. decrease; decrease