A monopolist faces the inverse demand curve P = 60 - Q. It has variable costs of Q2 so that its marginal costs are 2Q, and it has fixed costs of 30. At its profit-maximizing output level, the monopoly's average cost is

In a market supply and demand graph, the socially efficient outcome occurs

a. Where the private marginal benefits intersect with the social marginal costs b. Where the private marginal benefits intersect with the private marginal costs c. Where the social marginal benefits intersect with the social marginal costs d. Where the social marginal benefits intersect with the private marginal costs e. Where externalities are maximized

Refer to Table 2-20. What is Japan's opportunity cost of producing one wristwatch?

A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice