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9. Which of the following is true if marginal cost is below average total cost?
Average total cost is decreasing.
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When marginal cost exceeds average total cost, a. average fixed cost must be rising. b. average total cost must be rising. c. average total cost must be falling. d. marginal cost must be falling.
B. Average total cost must be rising
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Average total cost is very high when a small amount of output is produced because
average fixed cost is high
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When a firm experiences continually declining average total costs:
society is better served by having one firm supply the product
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Occurs where economics of scale are so extensive that a single firm can produce the product at minimum average total cost.
Natural Monopoly
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Which of the following is equivalent to average total cost? Fixed cost and variable cost added together and then divided by output. Marginal cost plus variable cost. The change in total cost divided by the change in output. Fixed cost plus variable cost.
Fixed cost and variable cost added together and then divided by output.
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A monopolistically competitive firm is producing at a short-run output level where average total cost is $10.00, marginal cost is $5.00, marginal revenue is $6.00, and price is $12.00. In the short run, the firm should
increase the level of output.
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when regulators use a marginal-cost pricing strategy to regulate a natural monopoly, the regulated monopoly A. may rely on a government subsidy to remain in business B. will experience a lost C. will experience a price below average total cost D. all of the above
D. all of the above
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The monopolist sets price by A. charging the price where average total cost equals marginal cost. B. charging the price where marginal cost equals price. C. producing the quantity where marginal cost equals marginal revenue and charging the price that corresponds to that quantity. D. charging the price where marginal revenue equals price.
C. producing the quantity where marginal cost equals marginal revenue and charging the price that corresponds to that quantity.
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If a firm’s price exceeds the firm’s minimum average total cost, then:
d) it will incur an economic profit
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