If an average cost pricing rule is imposed on the firm in the figure above, the consumer surplus will be
A) zero.
B) $450.
C) $400.
D) $200.
B
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The GDP price index
A) can be interpreted as 100 multiplied by real GDP divided by nominal GDP. B) is the difference between nominal GDP and real GDP. C) measures the average price level. D) can be interpreted as real GDP minus nominal GDP and the resulting difference then multiplied by 100. E) is equal to between real GDP minus nominal GDP.
The Phillips Curve is steeper at higher rates of inflation and lower levels of unemployment
a. True b. False Indicate whether the statement is true or false
The United States has greater income
a. disparity than most other economically advanced countries, but a more equal income distribution than some developing countries. b. disparity than both other economically advanced and all developing countries. c. equality than most other economically advanced countries but greater income disparity than some developing countries. d. equality than both other economically advanced and developing countries.
Since World War II, about ______ out of every ten family farms have disappeared.
A. one B. three C. five D. seven