Refer to the graph shown. A firm planning to produce 1,500 units of output would choose the scale of operation represented by:
A. SATC1.
B. SATC2.
C. SATC3.
D. SATC4.
Answer: D
You might also like to view...
The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price equals $7,
a) how much will the firm produce? b) how much is the firm's average total, average variable, and marginal costs? c) how much is the firm's total, total variable, and total fixed costs? d) how much is the firm's total revenue and economic profit? e) what will happen in this market in the long run?
When the president says that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A) a normative statement. B) an empirically proven fact. C) a positive statement. D) an irrational argument.
If the actual inflation rate exceeds the expected inflation rate, then: a. the economy is operating along the long-run Phillips curve
b. unemployment exceeds the natural rate. c. maintaining the existing unemployment rate will require increasing inflation in the long run. d. the actual rate will tend to fall toward the expected rate. e. unemployment will tend to decrease in the long run.
The expression "There's no such thing as a free lunch" means
A) each person must pay for exactly what he or she receives. B) when scarce resources are used to produce one good they are unavailable to produce others. C) you cannot have a free lunch at the expense of someone else. D) if one person gains, someone else must lose.