If you know that when a firm produces 10 units of output, total cost is $1,030 and average fixed cost is $10, then total variable cost is
A. $104.
B. $930.
C. $1,130.
D. $1,040.
Answer: B
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An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is average fixed cost equal to when Q = 10?
What will be an ideal response?
According to the classical model, workers chose a level of labor that equates the
a. real wage and marginal product of labor. b. nominal wage and marginal product of labor. c. the marginal utility of consumption and the marginal disutility of lost leisure. d. the marginal utility of consumption with the real wage.
Which of the following is an example of an inferior good?
a. A 15 percent increase in income results in a 17 percent decrease in demand for subcompact cars. b. A 10 percent increase in income results in a 14 percent increase in demand for sports cars. c. A 12 percent increase in income results in a 12 percent increase in demand for sedan cars. d. A 20 percent decrease in income results in a 30 percent decrease in demand for luxury cars.
A free market with externalities ______ social surplus.
Fill in the blank(s) with the appropriate word(s).