Based on the figure above what is the best outcome

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Unformatted text preview: Inflation b) Unemployment d) Economic Freedom 25. Refer to the above figure. If the firm is producing at outpoint level OT, the rectangular area MNJH is: a) Total Variable Cost b) Total Fixed Costs c) Total Revenue d) Total Economic Profit 26. Refer to the above figure. At the profit- maximizing output, average fixed is: a) GH b) FG c) JH d) MHGL 27. To maximize utility when purchasing two or more goods, the consumer should choose that good which: a) Is priced the lowest b) Has the highest price elasticity c) Delivers the most marginal utility per dollar d) Provides the most satisfaction 28. Economies of scale are reductions in: a) ATC that results from declining AFC b) AFC that result from reducing the firm’s scale of operations c) ATC that result from increasing the firm’s scale of operations d) AFC resulting from improved technology 29. Changes in short- run total cost result from changes in only a) Variable costs b) Fixed costs c) Profit d) Price elasticity of demand 30. Total Profit is: a) TR – TC c) (P...
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