If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is
A) $1,000.
B) $700.
C) $300.
D) impossible to determine without additional information.
Answer: B
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A) area A B) area B C) area C D) area D E) area E
If one firm sets the market price
a. the market is perfectly competitive b. the market is not perfectly competitive c. there are a large number of buyers who can buy from a wide range of competitors d. there is free entry into the market e. its product must be a standardized commodity, produced by many competitors
How have Tunisian women’s rights been transformed, if at all, since the Arab uprisings?
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A) remained fairly constant for the last 50 years B) steadily declined for the past 50 years C) rapidly increased for the last 50 years D) erratically increased and decreased over the past 50 years