Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?

When Little Furniture Company produces 100 chairs - its average variable cost is $25 . The marginal cost of the 101st chair is $22 . If the firm chooses to produce the 101st chair, what will happen to average variable cost? Explain

What will be an ideal response?

The reason that patents are granted is

A) to encourage a high rate of consumption. B) to protect new techniques developed through research and development. C) to encourage free trade. D) to increase the labor force.