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When the price faced by a competitive firm was $5, the firm produced nothing in the short run. ...

nakungth

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When the price faced by a competitive firm was $5, the firm produced nothing in the short run. ...

When the price faced by a competitive firm was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that
A) the firm's marginal cost curve must be flat.
B) the firm's marginal costs of production never fall below $5.
C) the firm's average cost of production was less than $10.
D) the firm's total cost of producing 100 tons is less than $1000.
E) the minimum value of the firm's average variable cost lies between $5 and $10.

Textbook

Microeconomics

Edition: 8^th

Author: Pindyck

Read 100 times

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oracledarren

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More solutions for this book are available here

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nakungth Author

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Thanks, very pleased with your answer

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