Suppose you produce 10 bikes a day for a total cost of 1000. ...

[piesebel]

Suppose you produce 10 bikes a day for a total cost of 1000. Total costs increase to 1100 when you produce 15 bikes. Finally, total costs increase to 1300 if you make 20 bikes.
 
  A graph showing the relationship between total costs and the number of bikes produced would be A) a negatively-sloped line that becomes steeper.
  B) a positively-sloped line that becomes steeper.
  C) a negatively-sloped line that becomes flatter.
  D) a positively-sloped line that becomes flatter.

Question 2

A firm is said to have market power if it charges a price ________ of production.
 
  A) higher than the marginal cost
  B) lower than the marginal cost
  C) equal to the marginal cost
  D) equal to the average fixed cost

[Ddddd]

Answer to Question 1

B

Answer to Question 2

A

[piesebel]

Thank you

[Ddddd]

Happy to help you