The rising portion of a perfectly competitive firm's marginal cost curve, above the intersection with AVC, is its
A) demand curve.
B) economic profit.
C) supply curve.
D) accounting profit.
C
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Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 36 lbs. B) 68 lbs. C) 89 lbs. D) 123 lbs.
Refer to the above table. If opportunity costs are constant, then the opportunity cost of producing good B in country X is ________, and the opportunity cost of producing good B in country Y is ________
A) 1 unit of A; 2 units of A B) 1 unit of A; 0.5 unit of A C) 1 unit of B; 2 units of A D) 1 unit of A; 0.5 unit of B
If the firm hires 5 workers, the average cost equals
a. $10 b. $1000 c. $80 d. Need more information
A decrease in the price of digital cameras will:
A. cause the demand curve for memory cards to become vertical. B. shift the demand curve for memory cards to the right. C. shift the demand curve for memory cards to the left. D. not affect the demand for memory cards.