In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be:
A. $25.
B. $2,500.
C. $5,000.
D. $7,500.
Answer: B
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If a market begins in equilibrium and then the demand curve shifts leftward, a
A) surplus is created, which is eliminated by a rise in price. B) shortage is created, which is eliminated by a rise in price. C) shortage is created, which is eliminated by a fall in price. D) surplus is created, which is eliminated by the supply curve shifting leftward. E) surplus is created, which is eliminated by a fall in price.
The accompanying figure shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist.
The socially optimal level of output is:
A. 10 units per day. B. 4 units per day. C. 5 units per day. D. 8 units per day.
Who runs the Federal Reserve System? Describe the organizational structure of the Fed.
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If the money wage and other resource prices do not change when the price level rises by 10%...
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