To produce 10 shirts, the total cost is $80; to produce 11 shirts, the total cost is $99. The average total cost of the 11th shirt is equal to
A) $8.
B) $9.
C) $80.
D) $99.
E) $19.
B
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Average cost for the firm in Table 8.1
A) cannot be determined from the information given. B) is upward-sloping for all output values shown. C) is constant for all output values shown. D) is downward-sloping for all output values shown. E) is U-shaped.
When you are able to supply others with goods and services they value highly relative to your opportunity costs,
A) both you and those with whom you trade will gain. B) you will gain at the expense of others. C) neither you nor those with whom you trade will gain. D) others will gain at your expense.
Stabilization policy has helped ameliorate the impact of recessions since the 1950s.
Answer the following statement true (T) or false (F)
The strong interdependence of oligopolistic firms is shown by
A. their willingness to change prices frequently. B. their reluctance to advertise. C. their inability to form a price conspiracy. D. the vulnerability of their sales to the actions of their rivals.