Brady Industries has average variable costs of $1 and average total costs of $3 when it produces 500 units of output. The firm's total fixed costs equal
a. $2.
b. $4.
c. $1,000.
d. $2,000.
c
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The marginal cost (MC) curve intersects the
A) ATC, AVC, and AFC curves at their minimum points. B) ATC and AFC curves at their minimum points. C) AVC and AFC curves at their minimum points. D) ATC and AVC curves at their minimum points.
How much more do the Chefs value the high-end woks to the low-end woks?
a. $20 b. $30 c. $40 d. $50
Why are high rates of unemployment of concern to economists?
A. Higher rates of unemployment generally lead to higher inflation rates. B. Environmental destruction is more prevalent when unemployment rates are high. C. There is lost output that could have been produced if the unemployed had been working. D. All of these options are reasons why economists are concerned about high unemployment rates.
Government imposed price controls often lead to
A) illegal trades of the good. B) the most efficient use of resources. C) the equilibrium solution in terms of price and quantity. D) maximization of profits.