If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then total cost at this output level is:

If the short-run Phillips curve was a straight line with a very steep slope, the inflation costs of reducing unemployment: a. are fairly low

b. are fairly high. c. depend on the current rate of inflation. d. rises as the economy approaches full employment.

If total revenue falls as more output is produced,

a. marginal revenue is negative b. marginal revenue is positive c. marginal cost is negative d. average revenue is negative e. total costs exceed total revenue