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MC Price (Rials per unit) ATC 7 AVC 5 4 5 10 12 15 16 Quantity (units) 37. In the above figure, at a price of RO 5, the firm's output would be would units and it (a) 12; incur an economic loss (b) 5; shutdown (c) 16; breakeven (d) 12; breakeven 38. New firms will exit a perfectly competitive market when: (a) average variable costs are less than average total costs (b) price is greater than average variable costs (c) marginal revenue is greater than average total costs in the short run (d) price is less than average total costs in the long run 39. A point on the production possibilities frontier reflects an (a) attainable point with full employment of all resources (b) attainable point without full employment of all resources (c) unattainable point with full employment of all resources (d) unattainable point without full employment of all resources 40. A drop in the price of a commodity A shifts the demand curve for commodity B leftwards. From that you know that commodity A and B are: (a) inferior goods (b) substitutes (c) complements (d) normal goods

MC Price (Rials per unit) ATC 7 AVC 5 4 5 10 12 15 16 Quantity (units) 37. In the above figure, at a price of RO 5, the firm's output would be would units and it (a) 12; incur an economic loss (b) 5; shutdown (c) 16; breakeven (d) 12; breakeven 38. New firms will exit a perfectly competitive market when: (a) average variable costs are less than average total costs (b) price is greater than average variable costs (c) marginal revenue is greater than average total costs in the short run (d) price is less than average total costs in the long run 39. A point on the production possibilities frontier reflects an (a) attainable point with full employment of all resources (b) attainable point without full employment of all resources (c) unattainable point with full employment of all resources (d) unattainable point without full employment of all resources 40. A drop in the price of a commodity A shifts the demand curve for commodity B leftwards. From that you know that commodity A and B are: (a) inferior goods (b) substitutes (c) complements (d) normal goods

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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MC Price (Rials per unit) ATC 7 AVC 5 4 5 10 12 15 16 Quantity (units) 37. In the above figure, at a price of RO 5, the firm's output would be would units and it (a) 12; incur an economic loss (b) 5; shutdown (c) 16; breakeven (d) 12; breakeven 38. New firms will exit a perfectly competitive market when: (a) average variable costs are less than average total costs (b) price is greater than average variable costs (c) marginal revenue is greater than average total costs in the short run (d) price is less than average total costs in the long run 39. A point on the production possibilities frontier reflects an (a) attainable point with full employment of all resources (b) attainable point without full employment of all resources (c) unattainable point with full employment of all resources (d) unattainable point without full employment of all resources 40. A drop in the price of a commodity A shifts the demand curve for commodity B leftwards. From that you know that commodity A and B are: (a) inferior goods (b) substitutes (c) complements (d) normal goods
Transcribed Image Text:MC Price (Rials per unit) ATC 7 AVC 5 4 5 10 12 15 16 Quantity (units) 37. In the above figure, at a price of RO 5, the firm's output would be would units and it (a) 12; incur an economic loss (b) 5; shutdown (c) 16; breakeven (d) 12; breakeven 38. New firms will exit a perfectly competitive market when: (a) average variable costs are less than average total costs (b) price is greater than average variable costs (c) marginal revenue is greater than average total costs in the short run (d) price is less than average total costs in the long run 39. A point on the production possibilities frontier reflects an (a) attainable point with full employment of all resources (b) attainable point without full employment of all resources (c) unattainable point with full employment of all resources (d) unattainable point without full employment of all resources 40. A drop in the price of a commodity A shifts the demand curve for commodity B leftwards. From that you know that commodity A and B are: (a) inferior goods (b) substitutes (c) complements (d) normal goods
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