Refer to Figure 11-11. The minimum efficient scale of output is reached at what rate of output?
A) 10,000 workers B) 10,000 picture frames
C) 20,000 picture frames D) 5,000 picture frames
B
Economics
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A firm will maximize profit at the level of output where:
A) its marginal revenue equals total cost. B) its marginal revenue equals marginal cost. C) its total cost equals total revenue. D) its average revenue equals average cost.
Economics
A leftward shift of the supply curve will lead to a(n)
A) increase in equilibrium price. B) excess demand at the old equilibrium price. C) decrease in quantity demanded. D) All of the above.
Economics