Use the above figure. Total cost at the profit-maximizing output is closet to
A) $6,600.
B) $9,600.
C) $4,800.
D) $8,000.
A
Economics
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The idea of comparative advantage is related to
A) the idea of opportunity cost. B) the idea of absolute advantage. C) using the worker with the most diverse sets of skills. D) engineering efficiency.
Economics
An oligopolist charges a lower price than the short-run profit-maximizing price. How does this affect the firm’s productive efficiency?
a. The firm fails at productive efficiency because P 1 exceeds the minimum ATC.
b. The firm fails at productive efficiency because P 1 is less than the minimum ATC.
c. The firm achieves productive efficiency because P 1 exceeds MC.
d. The firm achieves productive efficiency because P 1 is less than MC.
Economics