When the price faced by a competitive firm was $5, the firm produced nothing in the...

 

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When the price faced by a competitive firm was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that O a. the firm's marginal costs of production never fall below $5. O b. the minimum value of the firm's average variable cost lies between $5 and $10. O c. the firm's total cost of producing 100 tons is less than $1000. O d. the firm's marginal cost curve must be flat. e. the firm's average cost of production was less than $10. 75 75, 77 78 line 76 Show All Questions Policy/Contact Us/Attributions When the price faced by a competitive firm was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that O a. the firm's marginal costs of production never fall below $5. O b. the minimum value of the firm's average variable cost lies between $5 and $10. O c. the firm's total cost of producing 100 tons is less than $1000. O d. the firm's marginal cost curve must be flat. e. the firm's average cost of production was less than $10. 75 75, 77 78 line 76 Show All Questions Policy/Contact Us/Attributions

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