Questions 26 to 28 refer to the following figure, which indicates some of the cost curves for a firm that sells ice cream. At which of the following levels of output will average fixed cost be the lowest?

For questions 39 and 40, to prevent the inefficiency that a monopoly market creates, suppose the town mayor mandates for the firm to behave competitively. What price will the monopolist charge to its customers?

When the demand for electricity increases, an electric company can generate more electricity by using more fuel and increasing the working hours of many of its employees. The company cannot, however, increase electric power production by building additional generating capacity. In terms of the time horizon, this means that the company is in the

Julie quits her job as a bank teller and opens her own pizza store. If her profit as measured by an accountant is positive, then

At which level of output is average total cost minimized?

Questions 15 to 17 refer to the following production function. The marginal product of the second worker is______ . At point d, the average product of labor is______

Refer to the table below. Number of workers Marginal product of workers 1 5 2 7 3 8 4 10 5 11 6 7 7 5 8 3 9 0 10 -1 A firm would be most likely to hire between:

At which number of workers does diminishing marginal product begin?

A rent ceiling placed below the equilibrium rent will create

When a unit tax is imposed on sellers, the supply curve shifts so that the vertical distance between the old and the new supply curve equals the