Fernando charges the restaurant Flaming Fernando's $1,000 annually for use of his name. If Fernando increases the fee for use of his name
A) the restaurant's average fixed cost, average variable cost, average total cost, and marginal cost curves all shift upward.
B) the restaurant's average fixed cost, average total cost, and marginal cost curves shift upward.
C) the restaurant's average variable cost, average total cost, and marginal cost curves shift upward.
D) the restaurant's average fixed cost and average total cost curves shift upward.
D
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Angela, Bonnie, and Carl are visiting the local paint store. Angela, owner of Angela's Artful Painting Co, is posting a Help Wanted sign because she is looking for more painters to join her crew. Bonnie, who is a sole proprietor, is placing an order for 12 gallons of green paint. Carl is a painter who is looking for a job and is reading the bulletin board in the paint shop. Who is operating in
the long run? a. Angela only b. Bonnie only c. Carl only d. Carl and Angela e. no one is operating in the long run
In a perfectly competitive market, a firm in long-run equilibrium will be operating
A) to the right of the minimum of the long-run average cost curve. B) to the left of the minimum of the long-run average cost curve. C) at the minimum of the long-run average cost curve. D) at the minimum of the marginal cost curve.