question
At 100 units of output, total cost is $22,000 and total variable cost is $14,000. At 100 units of output, what is the value of average total cost, average variable cost, and average fixed cost, respectively?
answer
$220; $140; $80
question
In the long run, if inputs are increased by 10 percent and output increases by 20 percent, then __ are said to exist.
answer
economies of scale
question
The term __________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.
answer
price taker
question
A perfectly competitive firm is a price taker.
answer
True
question
The price charged by a perfectly competitive firm is determined by
answer
market demand and market supply, together.
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