A firm's average total cost is 80, its average variable cost is 75, and its output is 50 units. Its total fixed cost is
A) less than 100.
B) between 100 and 200.
C) between 200 and 300.
D) more than 300.
Ques. 2In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________.
A) 30 thousand; 40
B) 30 thousand; 30
C) 30 thousand; 20
D) 50 thousand; 30
Ques. 3In the long run, a firm in a monopolistically competitive industry has its price equal to its
A) average total cost.
B) marginal cost.
C) marginal revenue.
D) elasticity of demand.
Ques. 4In the figure above, the single-price, unregulated monopoly sets a price of
A) 80 per unit.
B) 60 per unit.
C) 40 per unit.
D) 0 per unit.
Ques. 5When the ________ effect dominates the ________ effect, the labor supply curve is ________.
A) income; substitution; vertical
B) substitution; income; positively sloped
C) income; substitution; negatively sloped
D) substitution; income; horizontal
Ques. 6The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. What is the efficient amount of paper?
A) 10 tons per week
B) 60 tons per week
C) 40 tons per week
D) 30 tons per week
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