In the diagram, curves 1, 2, and 3 represent:
A. average variable cost, marginal cost, and average fixed cost respectively.
B. total variable cost, total fixed cost, and total cost respectively.
C. total fixed cost, total variable cost, and total cost respectively.
D. marginal product, average variable cost, and average total cost respectively.
C. total fixed cost, total variable cost, and total cost respectively.
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Refer to the diagrams. Curve A:
A. is an investment schedule and curve B is a consumption of fixed capital schedule.
B. is an investment demand curve and curve B is an investment schedule.
C. and curve B are totally unrelated.
D. shifts to the left when curve B shifts upward.
Figure 18-2
Figure 18-2 shows the widget market before and after an excise tax is imposed. After the tax is imposed, the amount that a firm keeps for itself from the sale of each widget is ____.
A. $95 B. $100 C. $120 D. $125