Refer to the above data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are
A. zero, zero, and zero, respectively.
B. zero, $25, and $175, respectively.
C. $150, $25, and $175, respectively.
D. $150, zero, and $150, respectively.
Ans: D. $150, zero, and $150, respectively.
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Three years later, once the refining capacity was restored, these prices came back down. The restoration of refining capacity should A) move the economy up along a stationary short-run aggregate supply curve. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the left. D) shift the short-run aggregate supply curve to the right.
Minimum wage legislation
a. has little effect on university professors. b. raises incomes of unskilled laborers who have jobs. c. prevents some willing workers from getting jobs. d. All of the above are true.