Refer to the data provided in Table 9.3 below to answer the following question(s).
Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. In the long run, if cost conditions do not change, this firm will earn a zero economic profit if price is
A. $20.
B. $30.
C. $40.
D. $56.
Answer: D
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Suppliers will be willing to supply a product only if
A) the price received is at least equal to the additional cost of producing the product. B) the price is higher than the average cost of producing the product. C) the price received is at least double the additional cost of producing the product. D) the price received is less than the additional cost of producing the product.
An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:
a. natural monopoly. b. competitive monopoly. c. patent monopoly. d. limit monopoly.
In 2005 and 2006, because of fears of inflation, the Fed:
a. increased interest rates which lead to higher monthly payments on fixed rate mortgages b. increased interest rates which lead to higher monthly payments on adjustable rate mortgages. c. decreased interest rates which lead to higher monthly payments on fixed rate mortgages. d. decreased interest rates which lead to higher monthly payments on adjustable rate mortgages.
Resources that flow through the circular flow model include all of the following except:
A. land. B. labor. C. capital. D. final goods.