A ____ total cost function implies that marginal costs ____ as output is increased
a. linear; increase linearly
b. quadratic; increase linearly
c. cubic; increase linearly
d. a and b
e. none of the above
b
Economics
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In a competitive industry where different firms have different cost structures, the industry supply curve is:
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
Economics
If the firm in Figure 17-4 above maintains its set price of P0, rather than dropping price to P1, the loss of consumer surplus due to this decision is
A) J + K. B) K - G. C) G + H. D) H + K.
Economics