In short run the shutdown point is that point at which A: price equals marginal cost. B: average fixed cost equals marginal cost. C: average variable cost equals marginal cost. D: average total cost equals marginal cost.
In short run the shutdown point is that point at which A: price equals marginal cost. B: average fixed cost equals marginal cost. C: average variable cost equals marginal cost. D: average total cost equals marginal cost.
If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry, A: marginal cost > average cost = $16.67. B: marginal cost < average cost = $16.67. C: $16.67 = marginal cost = average cost. D: $16.67 = marginal cost > average cost.
If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry, A: marginal cost > average cost = $16.67. B: marginal cost < average cost = $16.67. C: $16.67 = marginal cost = average cost. D: $16.67 = marginal cost > average cost.
Sunkcost is another term for historical cost or past cost.
Sunkcost is another term for historical cost or past cost.
After constructing a new factory, the cost of building the factory is a A: past cost. B: sunk cost. C: variable cost. D: None of the above answers are correct.
After constructing a new factory, the cost of building the factory is a A: past cost. B: sunk cost. C: variable cost. D: None of the above answers are correct.
Opportunity cost of an action is A: the best choice that can be made. B: the money cost. C: the absolute cost. D: the comparative cost. E: the highest-valued alternative forgone.
Opportunity cost of an action is A: the best choice that can be made. B: the money cost. C: the absolute cost. D: the comparative cost. E: the highest-valued alternative forgone.
A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.
A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.
With scarcity, the price would equal only the ( ). A: marginal user cost B: marginal cost of extraction C: the sum of marginal extraction cost and marginal user cost. D: fixed costs
With scarcity, the price would equal only the ( ). A: marginal user cost B: marginal cost of extraction C: the sum of marginal extraction cost and marginal user cost. D: fixed costs
A competitive firm maximizes profit by choosing the quantity at which ( ) A: average total cost is at its minimum. B: marginal cost equals the price. C: average total cost equals the price. D: marginal cost equals average total cost.
A competitive firm maximizes profit by choosing the quantity at which ( ) A: average total cost is at its minimum. B: marginal cost equals the price. C: average total cost equals the price. D: marginal cost equals average total cost.
A<br/>rational decision maker takes an action only if the() A: marginal benefit is less than the marginal<br/>cost. B: marginal benefit is greater than the<br/>marginal cost. X C: average benefit is greater than the average<br/>cost. D: marginal benefit is greater than both the<br/>average cost and the marginal cost.
A<br/>rational decision maker takes an action only if the() A: marginal benefit is less than the marginal<br/>cost. B: marginal benefit is greater than the<br/>marginal cost. X C: average benefit is greater than the average<br/>cost. D: marginal benefit is greater than both the<br/>average cost and the marginal cost.
A firm maximizes profit by operating at the level of output where A: average revenue equals average cost. B: average revenue equals average variable cost. C: total costs are minimized. D: marginal revenue equals marginal cost. E: marginal revenue exceeds marginal cost by the greatest amount.
A firm maximizes profit by operating at the level of output where A: average revenue equals average cost. B: average revenue equals average variable cost. C: total costs are minimized. D: marginal revenue equals marginal cost. E: marginal revenue exceeds marginal cost by the greatest amount.