Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is my homework, please give me the correct answer without explain, thanks. @ Which of the following costs are always increasing as output increases?

This is my homework, please give me the correct answer without explain, thanks.

@ Which of the following costs are always increasing as output increases?

A) Variable Cost only

B) Total Cost only

C) Total Cost and Variable Cost

D) Fixed Cost only

E) Marginal Cost only

@The demand curve facing a perfectly competitive firm is

A) downward-sloping and less flat than the market demand curve.

B) downward-sloping and more flat than the market demand curve.

C) perfectly vertical.

D) the same as the market demand curve.

E) infinitly elastic.

@ Martha's demand for spring water has a price elasticity of 3.0. A recent tax that caused the price of spring water to increase by 1% will cause Martha to decrease her quantity demanded for spring water by A) 3 units

B) 60 units C) 3 % D) 600 %

@ Carson inherited 1 acre of land from his grandfather who had paid $1,000 cash for the land back in 1951. Today, land in that area sells for $200,000 per acre. What is the opportunity cost to Carson of keeping the land?

A) Nothing, since the land was inherited

B) Nothing, since the grandfather paid cash

C) $1,000, since this is what it cost Carson's grandfather

D) None of the above

@ Because of the relationship between a perfectly competitive firm's demand curve and its marginal revenue curve, the profit maximization condition for the firm can be written as:

A) None of the above

B) P = AVC.

C) P = MR.

D) P > MC.

E) AR = MR.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Morality Of Economic Behaviour Economics As Ethics

Authors: Vangelis Chiotis

1st Edition

1351168878, 9781351168878

More Books

Students also viewed these Economics questions

Question

=+What are the actions in this decision process?

Answered: 1 week ago

Question

1. What is the meaning of the information we are collecting?

Answered: 1 week ago

Question

3. How much information do we need to collect?

Answered: 1 week ago

Question

2. What types of information are we collecting?

Answered: 1 week ago