oard QUESTION 26 o b. a legal maximum on the price at which a good can be sold O
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oard QUESTION 26 o b. a legal maximum on the price at which a good can be sold O c often imposed when sellers of a good are successful in their attempts to convince the govemment that the market outcome is unfair without a price ceiling O d All of the above are correct QUESTION 27 Economics is the study of o b. the interaction of business and government decide who performs which tasks methods QUESTION 28 a total cost of the first unit of output, if total cost is divided evenly over all the units produced b variable cost of a firm that is producing at least one unit of output C. cost of a typical unit of output, if total cost is divided evenly over all the units produced d. cost of the last unit of output, if total cost does not include a fixed cost component OUESTION 29 cost tells us the a amount by which output rises when labor is increased by one unit b value of all resources used in a production process c marginal increment to profitability when price is constant d amount by which total cost rises when output is increased by one unit.Explanation / Answer
26. c. A price ceiling is imposed for the benefit of consumers.
27. a. Economics deals with the study of management of limited resources which have alternative uses. The decisions have to be made about what to produce, how to produce and for whom to produce.
28. c. ATC = TC/Q. Average total cost is the ratio of total cost to output.
29. d. MC = dTC/dQ. Marginal cost is the chnage in total cost per unit change in output.
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