Following World War I and World War II, the United States had a
A) small trade surplus.
B) small trade deficit.
C) large trade deficit.
D) large trade surplus.
D
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If an average cost pricing rule is imposed on the natural monopoly in the figure above, then the firm will
A) incur an economic loss. B) make zero economic profit, that is, its owners make a normal profit. C) make an economic profit of $4 million. D) make an economic profit of $9 million.
A firm sells 1000 units per week. It charges $15 per unit, the average variable costs are $10, and the average costs are $25 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $10,000 per week b. Shut-down as price is lower than average cost c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs