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If the total fixed cost is $50 and each worker receives a wage of $100 per day, then the total cost and the average variable cost of producing 50 units of output are which of the following? - Answer>>> Total Cost: $450 ...

If the total fixed cost is $50 and each worker receives a wage of $100 per day, then the total cost and the average variable cost of producing 50 units of output are which of the following? - Answer>>> Total Cost: $450 Average Variable Cost: $8 A firm's short-run total costs increase from $45 to $55 when it increases its production from one unit to two units. Which of the following is true if the total fixed cost is $30 ? - Answer>>> Fixed costs of production remain at $30 at zero units of output. If the firms in an industry pollute the environment and are not charged for the pollution, which of the following is true from the standpoint of the efficient use of resources? - Answer>>> Too much of the industry's product is produced, and the price of the product is lower than the marginal social cost Which of the following will cause the supply of chocolate to increase? - Answer>>> An increase in the price of cocoa butter, a by-product of the production of chocolate If the demand for a product is price elastic, which of the following is true? - Answer>>> A decrease in the product price will increase the firm's total revenue. A firm is currently producing at a level of output where marginal cost is increasing and greater than average variable cost, and marginal revenue is greater than marginal cost. To maximize profits, this firm should - Answer>>> increase output If an increase in the price of good X causes a decrease in the demand for good Y, good Y is - Answer>>> a complement to good X An industry has been dumping its toxic waste free of charge into a river. A government action to ensure a more efficient use of resources would have which of the following effects on the industry's output and product price? - Answer>>> Output: decrease Price: increase The price elasticity of demand for product X is equal to -2. If the price of product X increases by 10 percent, which of the following will occur? - Answer>>> The quantity demanded for product X will decrease by 20%. A perfectly competitive firm's short-run supply curve is - Answer>>> the rising portion of its marginal cost curve above its average variable cost curve

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