Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the average fixed cost is:
A. $30.
B. $40.
C. $50.
D. $60.
Answer: A
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According to Fogel and Engerman (1974), Northern farmers extensively utilized hired labor
Indicate whether the statement is true or false
The arguments of Friedman and Phelps would suggest that other things the same, a country that pursues a disinflationary policy that the public does not find completely credible
a. should not see an increase in the unemployment rate even in the short run. b. will having rising unemployment for a while, but then return to the natural rate of unemployment. c. will have a permanently higher unemployment rate. d. None of the above is suggested by the arguments of Friedman and Phelps.
The demand for women's clothing is, in general:
A. less elastic than the demand for clothing. B. more elastic than the demand for clothing. C. equally elastic to the demand for clothing. D. neither more elastic, less elastic, nor equally elastic to the demand for clothing.
Duopoly pricing, grim-trigger strategy, and tit-for-tat all promote cartel pricing by:
A. penalizing the underpricer. B. making underpricing impossible. C. increasing the chance of an underpricer being caught by the rest of the cartel. D. making entry impossible.