A. production takes place where ATC is minimized. B. marginal revenue equals marginal cost and price equals average total cost. C. normal profit is zero and price equals marginal cost. D. economic profit is zero and price equals marginal cost
A. be unaffected.
B. shift to the left.
C. become more elastic.
D. shift to the right.
Answer: D
You might also like to view...
Differences in the stock of physical capital between nations are an example of a(n):
A) implicit cause of prosperity. B) proximate cause of prosperity. C) fundamental cause of prosperity. D) explicit cause of prosperity.
An individual transferable quota can be used to achieve the
A) equilibrium for a public good. B) efficient use of a common resource. C) equilibrium for a private good. D) equilibrium for a common resource.
Other things equal, a person with a cosmetician's certificate from a vocational school will earn $4,000 more per year than a person without one, starting the year the certificate is received. But after 6 years, the difference in income will disappear because styles have changed. If the interest rate is 5 percent (0.05) per year, what is the present value of having just received a certificate?
(Assume that each year's income is received at the end of the year.) a. $21,317.91 b. $24,000.00 c. $22,857.14 d. $19,379.92 e. It depends on the cost of acquiring the certificate
During a period of unanticipated inflation, the group that is most likely to benefit is
A. retired individuals. B. savers. C. creditors. D. debtors.