If the marginal cost were $21, output would be
A. 1.
B. 2.
C. 3.
D. 4.
B. 2.
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Consider a game in which all outcomes give the players the same total payoff. Explain why every outcome in such a game will be Pareto optimal.
What will be an ideal response?
The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If there were 200 sellers in the market, each with a supply schedule identical to seller 3 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $4 would be
A. 600. B. 400. C. 800. D. 200.
The median earnings of college graduates are more than 60% greater than that of high school graduates for males ages 25-64
Indicate whether the statement is true or false
Assume a certain competitive price-taker firm is producing Q = 1,000 units of output. At Q = 1,000 . the firm's marginal cost equals $15 and its average total cost equals $11 . The firm sells its output for $12 per unit. To maximize its profit, the firm should
a. increase its output. b. continue to produce 1,000 units. c. decrease its output, but continue to produce. d. shut down.