60000 20000 600 400 concept cost total marginal and

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$60,000 $20,000 $600 $400
CONCEPT Cost: Total, Marginal and Average 13 When a firm uses four machines, it can produce 300 units daily. A fifth machine allows the firm to product 440 units. Which of the following is true regarding production?
CONCEPT Product: Total, Marginal, Average, and (Marginal) Revenue
14 Given the graph shown here, the firm should contemplate shutting down production at which of the following points? When MC (the purple line) is greater than Q1 At Q2 At Q1 When MC (the purple line) reaches its lowest point CONCEPT Shut-down Point 15 Which of the following is a trait of a perfectly competitive market?
CONCEPT Perfect Competition 16 The additional income a company generates from selling one more unit due to this is called which of the following?
CONCEPT Revenue: Total, Marginal and Average 17 Product Price Unit Cost Units Sold Units Produced Opportunity Costs $35.00 $5.00 100 1000 $750 Given the information in the table shown here, the economic profit is which of the following? $1,500
$2,250 -$2,250 -$1,500 CONCEPT Economic Profit 18 Which of the following is true about marginal cost?
CONCEPT Cost: Total, Marginal and Average 19 Which of the scenarios below is an example of a monopoly?

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