In this graph, what is the difference between the marginal cost and the average total cost?
a. 0
b. $4.90
c. $6.00
d. $100
a. 0
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Assume at the firm's profit-maximizing level of output P = AVC. In this case, the firm will be:
A) earning a positive economic profit. B) earning economic profit = 0. C) incurring an economic loss. D) breaking even.
Suppose the official gold value of the Brazilian real changes from 527 reals per ounce to 508 reals per ounce. We can then say that:
a. the Brazilian real has depreciated in value as a consequence of free market fluctuations. b. the Brazilian real has appreciated in value. c. gold is now more expensive to purchase in Brazil than it was before. d. the Brazilian real has been devalued. e. the Brazilian economy is expected to experience rapid inflation.
To maximize sales revenue, an oligopolist will expand output until the marginal revenue curve cuts the horizontal axis
a. True b. False Indicate whether the statement is true or false
GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included