In the figure above, curve C is the ________ curve
A) average fixed cost
B) average variable cost
C) average total cost
D) marginal cost
B
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Total fixed cost is the sum of all
A) costs of the firm's fixed factors of production. B) costs associated with the production of goods. C) costs that rise as output increases. D) the marginal costs of the different factors of production.
A firm in monopolistic competition maximizes its profit by ________
A. differentiating its good and producing the quantity at which price equals marginal revenue B. producing the quantity at which marginal revenue equals marginal cost and then adding a markup C. raising its price and producing so that it always has excess capacity D. producing the quantity at which marginal cost equals marginal reve-nue and charging the highest price at which it can sell that quantity
A dominant strategy is: a. one that maximizes the social welfare
b. one that maximizes profit. c. one that maximizes a player's welfare, regardless of the behavior of a competitor. d. one that maximizes a player's welfare, given the actions of a competitor.
Economic surplus is another term for which of the following?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss