If AVC=$15 and AFC=$10, then ATC=

The opportunity cost of an activity is best measured

a. only by the monetary costs b. by the number of alternative activities that were forgone c. by the cost difference between the chosen activity and the next best alternative d. by the value expected from the best alternative that is forgone e. as the time wasted choosing among various activities

Figure 9-1 shows the marginal cost and average total cost curves for a perfectly competitive firm. If the market price is $10, and the firm produces more than 200

a.
the firm earns less profit per unit than if it produced 200 but more total profit.
b.
the firm earns more profit per unit than if it produced 200 and more total profit.
c.
the firm earns less profit per unit than if it produced 200 and less total profit.
d.
the firm earns more profit per unit than if it produced 200 but may make a loss.
e.
the firm will instantly go from making a profit to making a loss