U.S. Steel Lays Off 756 Question list K With a drop in the demand for steel pipe and tube, U.S. Steel Corporation will idle plants in Ohio and Texas and lay off 756 workers. Source: The Wall Street Journal, January 6, 2015 Question 1 As U.S. Steel responded to the fall in demand, how did its marginal cost change? What can you say about minimum AVC in the plants that closed? . . . O Question 2 As U.S. Steel responded to the fall in demand, its marginal cost O Question 3 The minimum average variable cost in the plants that closed must have been O A. increased; less than the market price O B. decreased; equal to average fixed cost O Question 4 O C. decreased; less than the market price O D. decreased; greater than the market price Question 5 O E. increased; greater than the market price O Question 6 O Question 7Tulip growing is perfectly competitive and all growers have the same costs. Question list K The market price is $27 a bunch and each grower maximizes profit by producing 1,700 bunches a week. Average total cost is $18 a bunch and average variable cost is $12 a bunch. Question 1 Minimum average variable cost is $4 a bunch. What is the price at the grower's shutdown point? O Question 2 The price at the grower's shutdown point is $ a bunch. O Question 3 O Question 4 O Question 5 O Question 6 O Question 7 O Question 8 O Question 9This test: 120 point(s) E Test: Test 5, Chapters 14 & 15