A family on a trip budgets $800 for restaurant meals and fast food. The price of a fast-food meal is $20 and the family can afford 16 restaurant meals if they don't buy any fast food. How many fast-food meals would the family gain if they gave up one restaurant meal?

The figure above shows a perfectly competitive firm. In the short run, the firm will shut down

A) only if the AVC of producing 10 units is less than $20. B) only if the AVC of producing 10 units is more than $20. C) only if the AVC curve reaches its minimum before 10 units are produced. D) always.

For a single-price monopolist that is maximizing profit, the price is

A) less than marginal revenue. B) equal to marginal revenue. C) equal to marginal cost. D) greater than marginal cost.