Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and has average variable costs of $150. The firm's total fixed costs are:
A. $5,000.
B. $500.
C. $0.50.
D. $50.
Answer: A
Economics
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If the equilibrium price of corn is 20 cents an ear and the government imposes a floor of 30 cents an ear, the price of corn will ______________________.
A. increase to 30 cents B. remain at 20 cents C. rise to about 25 cents D. be impossible to determine
Economics
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________.
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Economics