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Page 234
... cost rises in the short run . ( D ) A firm's average variable cost is higher than price in the long run . ( E ) Large firms have lower total costs than small firms . 28. A perfectly competitive firm produces in an industry whose product ...
... cost rises in the short run . ( D ) A firm's average variable cost is higher than price in the long run . ( E ) Large firms have lower total costs than small firms . 28. A perfectly competitive firm produces in an industry whose product ...
Page 235
... Cost K Marginal Revenue P Q R S OUTPUT Average Total Cost Demand 32. The diagram above depicts cost and revenue curves for a firm . What are the firm's profit- maximizing output and price ? Output Price ( A ) OS OD ( B ) OR OE ( C ) 0Q ...
... Cost K Marginal Revenue P Q R S OUTPUT Average Total Cost Demand 32. The diagram above depicts cost and revenue curves for a firm . What are the firm's profit- maximizing output and price ? Output Price ( A ) OS OD ( B ) OR OE ( C ) 0Q ...
Page 237
... cost of a nutritionally adequate diet by three . ( E ) It is not adjusted each year for changes in the cost of living . 45. Which of the following is true if total utility is maximized ? ( A ) Marginal utility is equal to zero . ( B ) ...
... cost of a nutritionally adequate diet by three . ( E ) It is not adjusted each year for changes in the cost of living . 45. Which of the following is true if total utility is maximized ? ( A ) Marginal utility is equal to zero . ( B ) ...
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