Author Question: If at some output level for a firm price exceeds average total cost, then the firm is earning an ... (Read 43 times)

@Brianna17 · **on:** Jun 30, 2018

If at some output level for a firm price exceeds average total cost, then the firm is earning an economic profit.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The marginal utilities associated with the first 4 units of consumption of good Y are 10, 12, 9, and 7, respectively. What is the total utility associated with the third unit?
a. 3.
b. 9.
c. 25.
d. 31.
e. The amount cannot be determined from the marginal utilities.