The benefit to some consumer of the last unit of a good consumed is
a. represented by the height of the supply curve at that quantity
b. negative if the producer is suffering economic loss
c. decreases at an increasing rate in a competitive product market
d. is zero
e. represented by the height of the demand curve at that quantity
E
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In a cartel,
a. all firms produce the same amount of output and earn the same profit b. all firms produce the same amount of output but earn different amounts of profit because their costs differ c. firms produce different amounts of output but earn the same profit d. firms with higher average cost produce more so that all firms earn the same profit e. firms with lower average cost often earn higher profits
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
b. $500. c. $1,000. d. $1,200.