If the AVC is $12, the AFC is $4, the AR is $20, and output is 6,000 units, the total profit is
a. $72,000.
b. $48,000.
c. $24,000.
d. negative $96,000.
c. $24,000.
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If a good is scarce
A) some criteria must be established to determine who gets what. B) its price is above the market-clearing level. C) its price is below the market-clearing level. D) the quantity demanded is greater than the quantity supplied. E) the supply is less than the demand.
According to the textbook application, the largest oil tanker spill in history
a. occurred when two tankers collided in 1979 off the coast of Trinidad and Tobago b. involved the Exxon Valdezin 1989 c. was associated with the Hebei Spirit in 2007 d. occurred as the result of an explosion of a deepwater oil rig
What happens to each of the following if the supply of loanable funds shifts left? A. the interest rate B. net capital outflow C. the exchange rate
Which of the following is correct?
a. The short-run, but not the long-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables. b. The long-run, but not the short-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables. c. The long-run and short-run supply curves are both consistent with the idea that nominal variables affect real variables. d. Neither the long-run nor the short-run aggregate supply curve is consistent with the idea that nominal variables affect real variables.