The goal of firms that operate In perfectly competitive markets is to A. maximiz

Question

The goal of firms that operate In perfectly competitive markets is to A. maximize revenues. B. maximize profits. C. maximize social surplus D. a and b arc both correct 18. Which of the following statements Is true? A. Average fixed costs are constant B. Variable costs are constant C. Fixed costs arc constant. D. Both A and C. 19. Which of the following statements Is correct regarding cost curves? A. producing a marginal unit is reducing average costs overaU B. the marginal cost of production for producing an additional unit is below the producing the earlier units C. the MC curve must intersect ATC at its minimum point. D. low marginal costs first pull up the overall average costs 20. A wage paid to an employee is an example of a A. total cost B. variable cost C. average cost D. fixed cost.

Explanation / Answer

17. d

18. c- fixed costs are those which can not change with level of output.

19. c

20.d

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