Refer to Figure 11-7. When the output level is 100 units average fixed cost is
A) $10. B) $8.
C) $5. D) This cannot be determined from the diagram.
B
Economics
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Which of the following is always true for a single-price monopolist?
A) P > MR B) P < MR C) P = MR D) P = elasticity of demand E) None of the above answers is correct because none of them is always true.
Economics
Refer to Figure 8.3. What is the average cost of producing 290 units of output?
A. $9
B. $2,500
C. $8.62
D. $7.77
Economics