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Author Question: Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive ... (Read 67 times)

jman1234

  • Hero Member
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  • Posts: 560
on: Jul 1, 2018
Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive market.
 
  If you produce where the product price (marginal revenue) equals average variable cost (on the upward sloping portion of the AVC curve), then your output will: A) exceed the profit-maximizing level of output.
  B) be smaller than the profit-maximizing level of output.
  C) equal the profit-maximizing level of output.
  D) generate zero economic profits.

Question 2

Welfare recipients differ markedly from other Americans with respect to general personality characteristics, work ethics, and basic life goals.
 
  Indicate whether the statement is true or false


epscape

  • Sr. Member
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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

F


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