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Author Question: Given the market demand and cost data in the above figure, the existence of a monopoly firm ... (Read 23 times)

charchew

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on: Jun 29, 2018
Given the market demand and cost data in the above figure, the existence of a monopoly firm producing 8 million cubic feet of natural gas makes it possible to produce natural gas at a long-run average cost of
 
  A) 10 cents per cubic foot.
  B) 20 cents per cubic foot.
  C) 30 cents per cubic foot.
  D) 40 cents per cubic foot.

Question 2

A method that is technologically inefficient
 
  A) might or might not be economically efficient.
  B) can never be economically efficient.
  C) results from failure to calculate the ratio of the cost of labor to the cost of capital.
  D) means that it uses too much labor and too little capital.


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31809pancho

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

A

Answer to Question 2

B


charchew

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Reply #2 on: Jun 29, 2018
Thank you


31809pancho

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Reply #3 on: Jun 29, 2018
No problemo


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