1. Firms will enter the industry inder which of the following conditions? a. Pri

Question

1. Firms will enter the industry inder which of the following conditions? a. Price is less than average variable cost. b. Price is greater than average c. Price is less than average total cost d. Price is greater than average total cost 2. If total cost is $36 and variable costs are $16 at 4 units of output, what is average fixed cost? a. $4 b. $5 c. $2 d. $12 3. If total cost is $30 and fixed cost are $10 at 5 units of output, average total cost is.. a. $2 b. $6 c. $5 d. $10 4. An exporting country will.. a. Produce when the domestic price is lower than the world price b. Give up the least amount of resources to produce this good c. Produce at a lower opportunity cost than an importing country d. All of the above 5. Increasing cost industries.. a. Require higher prices in the long run to cover higher long-run costs b. Require lower prices in the long run to cover higher long-run costs c. Will increase prices in the long run as they gain market power d. Factor lower costs when more firms are producing in the short run

Explanation / Answer

1.C 2.B 3.A 4.C 5.B

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