Suppose that when output is 20, marginal cost is $20, and average total cost is $30. Then which of the following is most likely to be true?  

The responsiveness of suppliers to changing prices is called the:

Suppose a good has a downward-sloping, straight-line demand curve. If the price elasticity of demand is 2.5 when the price is $10 per unit, then the price elasticity of demand when the price is $7 per unit could be

Which of the following best describes total fixed cost?

The “other things being equal” clause in the law of demand does allow which of the following factors to change?

In Exhibit 3-16, if the market price of chairs is initially $15, a movement toward equilibrium would require:    

Suppose the market for “soda X” is in equilibrium. If the FDA announced today that this soda has been proven to cause a fatal disease, what would be most likely to happen to the equilibrium price and equilibrium quantity of soda X?

The longer the time period under study,

Exhibit 3-4 Supply curves In Exhibit 3-4, a shift in the supply curve from S1 to S2 represents a(n):

Which of the following states the law of supply?