If average total cost is 50 and average fixed cost is 15 when output is 20 units, then the firm's total variable cost at that level of output is
A) 1,000.
B) 700.
C) 300.
D) impossible to determine without additional information.
Question 2
In their surveys of consumers, Daniel Kahneman, Jack Knetsch and Richard Thaler found that
A) most people considered an increase in price by firms following an increase in their costs to be fair but believed it was unfair for firms to raise their prices because of an increase in demand.
B) most people considered it unfair for firms to raise their prices because of an increase in their costs, but fair to raise their prices after an increase in demand.
C) most people believed that low-income people were hurt most by increases in prices.
D) most people considered any increase in price to be unfair as it led to an increase in profits.
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