Multiple Choice
Suppose a farmer is a price taker in soybeans with cost functions given by ?
TC = .1q2 + 2q + 30
MC = .2q + 2
Suppose the farmer has to purchase a license for $50 per period in order to stay in business. In this case,its new total cost function is
A) still TC = .1q2 + 2
B) TC = .1q2 + .2q + 80
C) TC = .1q2 + 2q + 50
D) TC = 50
Correct Answer:

Verified
Correct Answer:
Verified
Q7: In order to maximize profits,a firm should
Q8: If a firm wished to maximize total
Q9: Suppose a farmer is a price taker
Q10: Suppose a farmer is a price taker
Q11: If an unregulated electric company is a
Q13: If an unregulated electric company is
Q14: In general,microeconomic theory assumes that firms attempt
Q15: A firm's total revenue is equal to<br>A)total
Q16: If the demand faced by a firm
Q17: In order to maximize profits,a firm that