Refer to Figure 4-15. The price buyers pay after the tax is
A) $7. B) $20. C) $22. D) $27.
D
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The shape of short-run variable cost curve is determined by
a. the firm's effort to minimize cost b. the firm's effort to maximize profit c. competition in the industry d. the marginal productivity of the variable inputs the firm uses e. the money the firm spends
The monopolist's cost curves differ from those of a perfectly competitive firm in that the:
A. marginal cost curve is downward sloping instead of flat. B. average total cost curve is not necessarily minimized where it crosses marginal cost. C. average variable cost in no longer equal to marginal cost. D. The cost curves are the same for a firm regardless of market structure.
An improvement in a firm's technology that reduces its production costs will result in a(n):
a. rightward shift of the supply curve. b. increase in supply. c. increase in quantity supplied at any given price. d. all of these are true.
The market price is the typical price at which a good or service sells.
Answer the following statement true (T) or false (F)