Homework Clinic
Social Science Clinic => Economics => Topic started by: storky111 on Jun 29, 2018
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Average variable cost is equal to
A) average total cost minus average fixed cost.
B) average total cost multiplied by output.
C) total cost divided by output.
D) the change in total cost divided by the change in output.
Question 2
The figure above shows a monopoly's total revenue and total cost curves. The monopoly's economic profit is maximized when it produces
A) 0 units of output.
B) 5 units of output.
C) 15 units of output.
D) 20 units of output.
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Answer to Question 1
A
Answer to Question 2
C