Question
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.
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