Suppose a firm produces 20 units of output. At that level, ATC is 70,P= 50, MR and MC = 30. The firm is experiencing a loss of:

1. A.$600.
2. B.$400.
3. C.$1,000.
4. D.$1,400.

The average total cost of producing cell phones in a factory is $15 at the current output level of 100 units per week. If fixed cost is $1,200 per week:

1. A.average fixed cost is $10.
2. B.total cost is $1500.
3. C.total cost is $3,200.
4. D.variable cost is $2,000.
5. E.average variable cost is $80.

The most important source of oligopoly in an industry is:

1. A.technological inferiority.
2. B.ownership of plentiful resources.
3. C.government regulation.
4. D.economies of scale.