Principles of Microeconomics Extra Credit #2

Principles of Microeconomics Extra Credit #2 - Principles...

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Principles of Microeconomics 2252 – TUWA Extra Credit #2 Answer sheet on last page Due March 29 th , 2011 1._____If you know that when a firm produces 20 units of output, total costs are $6,000 and average fixed costs are $40, then total fixed costs are: A. $200 B. $800 C. $2,000 D. $4,000 2._____In the above figure, curves 1, 2, 3, and 4 represent the: A. ATC, MC, AFC, and AVC curves respectively. B. MC, AFC, AVC, and ATC curves respectively. C. MC, ATC, AVC, and AFC curves respectively. D. ATC, AVC, AFC, and MC curves respectively.
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experiences: A. increasing returns. B. economies of scale. C. diseconomies of scale. D. constant costs. 4._____Refer to the above diagram. The firm's supply curve is the segment of the: A. MC curve above its intersection with the AVC curve. B. MC curve above its intersection with the ATC curve. C. AVC curve above its intersection with the MC curve.
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Principles of Microeconomics Extra Credit #2 - Principles...

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