In the above figure, what is total cost at the profit-maximizing point?
A. $182
B. $126
C. $170
D. $112
Answer: D
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The above table gives the total cost schedule for oil changes at the local Jiffy Lube
a. What is Jiffy Lube's total fixed cost? b. What is the total variable cost of 2 oil changes? c. What is the average variable cost of 4 oil changes? d. What is the average fixed cost of 2 oil changes? e. What is the marginal cost of the 3rd oil change?
The point where quantity demanded and quantity supplied are equal is known as the
a. ceiling price. b. minimum price. c. equilibrium price. d. administered price.
Demand-side changes explain everything about stagflation
a. True b. False Indicate whether the statement is true or false
To explain the long-run determinants of the price level and the inflation rate, most economists today rely on the
a. quantity theory of money. b. price-index theory of money. c. theory of hyperinflation. d. disequilibrium theory of money and inflation.