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Author Question: In the above figure, a price of 1.25 and a quantity of 5 million gallons of milk per day maximizes ... (Read 70 times)

NClaborn

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on: Jun 29, 2018
In the above figure, a price of 1.25 and a quantity of 5 million gallons of milk per day maximizes the
 
  A) amount of consumer surplus.
  B) amount of producer surplus.
  C) sum of consumer surplus and producer surplus.
  D) All of the above answers are correct.

Question 2

By using more labor to produce more output, a firm can always reduce its
 
  A) marginal cost.
  B) average variable cost.
  C) average total cost.
  D) average fixed cost.


dantucker

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

C

Answer to Question 2

D


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