If a firm has fixed costs of $50 and variable costs of $100 at a production level of 5 units of output, then the total cost to produce 5 units will be

$50

$150

$750

$800

$5,500

A firm is earning an accounting profit of $15,000. Its implicit costs are $2,000, explicit costs are $10,000, and its economic profit is $13,000. What must its total revenue be?

$16,000

$25,000

$28,000

$30,000

Indeterminate

A firm is maximizing its profit while incurring economic losses. What must be true?

Total cost > total revenue; marginal cost > marginal revenue

Total cost = total revenue; marginal cost > marginal revenue

Average total cost > price; marginal cost = marginal revenue

Average total cost < price; marginal cost = marginal revenue

Average total cost < average revenue; marginal cost > marginal revenue

A firm operating in a perfectly competitive market is incurring economic losses but has minimized those losses. Assuming its average variable cost is less than its price, which of the following must be true in the short run?

An increase in output will decrease losses.

The firm's average revenue equals the marginal cost.

Its marginal cost is above its average revenue.

The firm's marginal cost exceeds its average total cost.

The firm's demand curve is downward sloping.

Which of the following accurately describes the minimum point of the average total cost curve for a perfectly competitive firm? Assume that it is earning positive economic profit.

The intersection of the average total cost curve and the average variable cost curve

The profit-maximizing point of production

The intersection of the average total cost curve and the marginal cost curve

The point at which demand changes from its elastic to inelastic range

The point at which marginal cost equals marginal revenue