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Author Question: When price is less than the firms' minimum average total cost, ________. A) new firms will enter ... (Read 147 times)

gonzo233

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on: Jun 29, 2018
When price is less than the firms' minimum average total cost, ________.
 
  A) new firms will enter the market
  B) existing firms will leave the market
  C) prices are likely to fall further
  D) firms' profits are likely to be maximum

Question 2

Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is
 
  A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda.
  B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda.
  C) 1 hour for Agnes and 1/2 hour for Brenda.
  D) 1 hour for Agnes and 2 hours for Brenda.


patma1981

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


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gonzo233

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Reply #2 on: Jun 29, 2018
Thank you :)


patma1981

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Reply #3 on: Jun 29, 2018
Happy to help you


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