Consider a firm with the following cost information: ATC = $15, AVC = $12, and MC = $14 . If we know that this firm has decided to produce Q = 20 by following the rule to maximize profits or minimize losses, then the price of the output is

A perfectly competitive firm in the short run determines its quantity supplied at various prices by using

a. the portion of its marginal cost curve rising above its average total cost curve b. the portion of its marginal cost curve rising above its average variable cost c. its average variable cost curve d. its average total cost curve e. the portion of its average variable cost curve rising above its average fixed cost curve

The current international monetary system is best described as a

A) fixed exchange rate system. B) flexible exchange rate system. C) managed flexible exchange rate system. D) dollar standard. E) gold standard.