If producing more output increases average cost then
A) there are diseconomies of scale.
B) there are economies of scope.
C) there are diseconomies of scope.
D) there are no economies of scale.
A
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If the price of a product increases:
A. Consumer surplus will decrease B. Consumer surplus will increase C. Total revenue will definitely increase D. Total revenue will definitely decrease
Refer to the table below. What is the profit-maximizing quantity for Just Juice to produce at Plant 1?
Just Juice produces whole fruit juice that it sells in single bottles. Just Juice is a multi-plant firm with market power. The above table summarizes the total marginal cost of production at various output levels in Just Juice's two plants with the corresponding marginal revenue (dollars per bottle) and market demand (price per bottle).
A) 350
B) 530
C) 500
D) 425