OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172Refer to the above table. When the firm produces three units of output, it makes an economic:
A. loss of $3.
B. profit of $40.
C. profit of $3.
D. profit of $17.
Answer: C
You might also like to view...
The ability to lower the average costs of production for two or more products is possible with
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
Ceteris paribus, which of the following would cause a decrease in the demand for HD TVs?
a. decline in the price of HD TVs. b. increase in the price of HD TVs. c. increase in consumers' income. d. decrease in consumers' income.
Firms in perfectly competitive markets take the ______ as given when deciding how much to sell.
A. market quantity B. lowest prices C. market prices D. input prices
What actions could be taken to stabilize output in response to a large decrease in U.S. net exports?
a. increase taxes or increase the money supply b. increase taxes or decrease the money supply c. decrease taxes or increase the money supply d. decrease taxes or decrease the money supply