A firm is producing 1,000 units of output for which the average variable cost of production equals 50 cents. The firm's total fixed costs equal $700 . The total cost of producing 1,000 units of output equals:
a. $700

Which of the following serve as the language of the market system?

a. Monetary and fiscal policies b. Volatility c. Market prices d. Lawsuits

Which of the following statements about perfectly competitive markets is not correct?

a. In the short run, firms can earn economic profits or suffer economic losses. b. The market demand curve is downward sloping. c. The demand curve facing an individual firm is perfectly elastic. d. In the long run, firms can earn economic profits or suffer economic losses. e. In the long run, firms can enter or exit the market.