The total cost of a firm is $50, the average variable cost is $2, and the average fixed cost is $3. How may units of the output does the firm produce?
A) 5 units
B) 10 units
C) 15 units
D) 18 units
B
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A Nash equilibrium ______
A. is the outcome that delivers maximum economic profit B. is the outcome in which each player takes the best action given the other player's action C. changes each time the game is played D. is the best possible outcome for the two players
When you purchase a new set of spurs you do so in the
A) input market. B) resource market. C) factor market. D) product market.
The percentage of U.S. industrial sales produced in industries with four-firm sales concentration ratios of 50 percent or more has remained pretty much unchanged from 1895 through 1982
Indicate whether the statement is true or false
Consider the labor market for short-order cooks. An increase in immigration will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.