Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If six microwave ovens are produced, average variable costs are
A. $50.
B. $100.
C. $150.
D. $300.
Answer: A
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A disadvantage of the travel cost method is
a. it cannot determine monetary values b. it estimates only user value and not existence value c. it focuses on recreational use making it ineffective for commercial use d. all of the above e. (b) and (c) only
Governments sometime create an excess demand for a product by setting a maximum price that is less than the equilibrium price, resulting in a permanent excess demand for the product. This is known as a price floor
Indicate whether the statement is true or false
Requiring that barbers have licenses, restricts entry and
A) raises the average quality of hair cuts. B) increases the costs of getting a hair cut. C) may increase or decrease welfare. D) All of the above.
Total costs:
A. are fixed costs plus variable costs. B. include explicit and implicit costs. C. increases as the firm increases output. D. All of these are true.