Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000 . What is the firm's fixed costs?
a. $9,000
b. $10,000
c. $11,000
d. $12,000
a
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Since the early 1980s, debt ratios for the OECD countries have
A) increased. B) remained constant. C) decreased slightly. D) decreased dramatically, and are now close to zero. E) become impossible to define.
The main function of a platform firm is to
A) deal with the government on behalf of sellers. B) link producers with consumers. C) perform collective bargaining with sellers on behalf of buyers. D) create entry barriers for an industry on behalf of existing firms.
Answer the following questions true (T) or false (F)
1. If in the long run a firm makes zero economic profit, it should exit the industry. 2. A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000. If the prevailing market price is $48, the number of firms and the industry's output will decrease in the long run. 3. Suppose there are economies of scale in the production of a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing-cost industry.
Well-being can be increased by:
A. increasing the availability of accurate information. B. technologies that help people share more and better information. C. policies that help people do business more efficiently. D. All of these are true.