In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total cost is
A) $100.
B) $70.
C) $30.
D) $130.
B
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The cross elasticity of demand for butter and margarine is likely to be
A) positive because they are substitutes. B) positive because they are complements. C) negative because they are substitutes. D) negative because they are complements. E) positive because they are normal goods.
When those most likely to produce the outcome insured against are the ones who purchase insurance, insurance companies are said to face the problem of
A) fraudulent claims. B) moral hazard. C) adverse selection. D) pecuniary purchases.
Which economic system is usually associated with government ownership of the means of production and central planning?
A. Communism B. A market system C. Fascism D. Capitalism
What is the principle distinction between explicit costs and implicit? costs?
A. There is no real difference between explicit and implicit costs. B. Implicit costs are usually larger than explicit costs. C. Implicit costs must be paid immediately, but explicit costs need to be paid only in the long run. D. Explicit costs are direct, out-of-pocket payments, while implicit costs are all foregone opportunity costs