Refer to the table below. The average variable cost of producing 35 units of output is:
A. $6.00
B. $7.43
C. $4.57
D. $1.43
C. $4.57
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World-class models receive significant economic rents because
A) their talents and abilities are in fixed supply. B) there is a shortage of world-class models. C) there is a surplus of world-class models. D) there is no equilibrium quantity of world-class models.
Firms in perfect competition sell differentiated products
a. True b. False Indicate whether the statement is true or false
Suppose a firm in a competitive market reduces its output by 20 percent. As a result, the price of its output is likely to
a. increase. b. remain unchanged. c. decrease by less than 20 percent. d. decrease by more than 20 percent.
An effective price ceiling occurs when
A) the government sets a maximum price for a good above the equilibrium price. B) the government sets a minimum price for a good above the equilibrium price. C) the government sets a minimum price for a good below the equilibrium price. D) the government sets a maximum price for a good below the equilibrium price.