If variable cost at each output level doubles,
a. ATC doubles
b. AFC doubles
c. MC remains unchanged
d. MC doubles
e. MC less than doubles
D
Economics
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Which of the following best describes the goal of economic efficiency?
(A) Making the most of resources. (B) Achieving full employment. (C) Assurance that goods and services will be available. (D) Fair distribution of wealth.
Economics
Refer to Figure 15-16. If the regulators of the natural monopoly allow the owners of the firm to break even on their investment the firm will produce an output of ________ and charge a price of ________
A) Q3 units; P4 B) Q1 units; P1 C) Q1 units; P4 D) Q5 units; P3
Economics