A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . At what price would the firm consider shutting down in the long run?
a. $10
b. $25
c. $65
d. $70
c
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Indicate whether the statement is true or false
What are the differences between national income, personal income, and disposable personal income?
What will be an ideal response?
The general rule to increase profits when two close substitute brands are jointly owned is
a. Increase prices for both brands b. Decrease prices for both brands c. Increase prices on one brand, decreasing it for the other d. Increase prices on one brand, keeping the prices of the second brand constant
If consumers won't pay more than $1.50 for a pack of gum and at $1.50 they will buy an almost infinite amount, price elasticity of demand at $1.50 is:
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