Exhibit 7-11 Short-run cost schedule for pizzeria's hourly production
TotalProduct
TotalCost
0 pizzas
$ 20
10
70
20
100
30
150
40
250
In Exhibit 7-11, the marginal cost curve crosses the average total cost curve at
A. 10 pizzas.
B. 20 pizzas.
C. 30 pizzas.
D. 40 pizzas.
Answer: C
Economics
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A) C + I + G + NX. B) C + I + G - NX. C) C + I - G + NX. D) C - I + G + NX. E) C - I - G - NX.
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In the above figure, market equilibrium at point E yields the quantity X. The quantity is the socially optimal quantity. Point E indicates that currently there is
A) a negative externality. B) a positive externality. C) a public good. D) a positive externality with subsidy.
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