This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A firm's short-run supply curve is the same as _____ if it produces the good. A. its marginal ... (Read 52 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
on: Jun 29, 2018
A firm's short-run supply curve is the same as _____ if it produces the good.
 
  A. its marginal revenue curve
  B. the upward-sloping part of its marginal cost curve
  C. its marginal cost curve above minimum average variable cost
  D. its marginal cost curve above minimum average total cost

Question 2

Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is 28 dollars
 
  A) Tom will receive 12 of consumer surplus from buying one shirt.
  B) Harriet will receive 25 of consumer surplus since she will buy no shirts.
  C) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
  D) Tom and Dick receive a total of 70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Brummell1998

  • Sr. Member
  • ****
  • Posts: 324
Reply #1 on: Jun 29, 2018
Answer to Question 1

C Figure 11.5 in the text illustrates that answer C is correct.

Answer to Question 2

A


nmorano1

  • Member
  • Posts: 598
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

xoxo123

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Survivorship curve for the North American beaver. Survivorship curve for the North American beaver.
The characteristically small and relatively short-legged reindeer from Svalbard The characteristically small and relatively short-legged reindeer from Svalbard
Faulty outlooping produces lambda phage containing bacterial DNA Faulty outlooping produces lambda phage containing bacterial DNA
Take a good look at this woman Take a good look at this woman
Peanut butter is good source of protein Peanut butter is good source of protein
A 600-kg car is going around a curve with a radius of 120 m that is banked at an angle of 20° ... A 600-kg car is going around a curve with a radius of 120 m that is banked at an angle of 20° ...
Video: Cardiac Cycle (Part 1 of 4)

For a complete list of videos, visit our video library