A fair-returns price is a price set at:
A) marginal cost.
B) average fixed cost.
C) average total cost.
D) average variable cost.
C
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The demand function for tickets to Ireland is expressed as
Qd = 1600 - 0.005P + 2 PEngland + 3rain + 2Y, where P is the price for tickets to Ireland, PEngland is the price of tickets to England, rain is the inches of rain Ireland receives annually, and Y is annual household income. Assuming PEngland is $1000, rain is 30 inches per year, and income is 40,000, how much would the price of tickets to Ireland have to fall for consumers to be willing to buy one more trip per year? A) $15 B) $20 C) $50 D) $200
A consumer will achieve the highest level of utility possible when she consumes
A) at the point at which the highest indifference curve is tangent to the budget constraint. B) at the point at which the indifference curve crosses the budget constraint. C) at a point to the left of the budget constraint. D) just below the point where the indifference curve crosses the budget constraint.
The combined market share for the top four firms in a monopolistically competitive industry will typically be in the range of 20 to 40 percent.
Answer the following statement true (T) or false (F)
The expenditure on consumption in Berylia during a particular year was $310,000, the expenditure on investment was $180,000, the expenditure incurred by the government was $75,000, the expenditure of foreign economic agents on domestic products was $
80,000, and domestic expenditure on foreign produced goods was $103,000. What is the gross domestic product of Berylia during that year? A) $542,000 B) $530,000 C) $645,000 D) $479,000