Open Question: economy review questions?

8 February 2012, 2:40 pm

A firm's average variable cost is $90, its total fixed cost is $10,000, and its output is 1,000 units. Its total cost is A) less than $85,000. B) between $85,000 and $95,000. C) between $95,000 and $105,000. D) more than $105,000. 27. Consumer surplus ________. A) equals total revenue minus marginal cost B) is maximized when the market outcome is efficient C) equals total revenue minus opportunity cost D) plus producer surplus equals the gains from trade 28. Ben and Jerry run an ice cream factory in Vermont. Ben and Jerry hold 75 percent of stock in the company, but there are other stockholders who have limited liability. Ben and Jerry's ice cream factory is an example of a A) proprietorship. B) partnership. C) corporation. D) monopoly.... Read More »

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