The costs of pollution control will
A. Be borne entirely by the taxpayers in the United States.
B. Always be borne entirely by the pollution producer.
C. Always be passed on completely to the consumer.
D. Be distributed between the producer and the consumer.
Answer: D
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The above table gives some production and cost information for Flaming Fernando's, a restaurant that sells Fiery Frijoles. What is the total fixed cost of producing 4,500 frijoles?
A) $1000 B) $8000 C) $9000 D) More information is needed to determine the answer.
If a firm in a perfectly competitive industry is experiencing average revenues greater than average costs, in the long-run
a. Some firms will leave the industry and price will rise b. Some firms will enter the industry and price will rise c. Some firms will leave the industry and price will fall d. Some firms will enter the industry and price will fall