A firm has fixed cost of $120. Its total cost when producing 8 units is $200. What is the average variable cost at 8 units?

On the perfect competition firm graph below, market price is $18. The firm produces where MC intersects MR. At that quantity, average total cost is $15. Which statement is correct? E229.png

A competitive firm faces price of $7. At every output level, average variable cost is above $8. The firm should:

Which of the following would most likely shift a firm’s marginal cost curve upward?

A competitive firm’s total revenue is $720 when it sells 60 units. What is marginal revenue from selling one more unit?

If average variable cost is falling, then marginal cost must be:

Which of the following would cause a competitive firm’s short-run supply curve to shift left?

A firm’s average total cost is minimized at the output where:

According to The Concreteness Effect, which of these would be MOST difficult to remember?

Many people misunderstand how evolution works. Choose one common misconception about evolution and explain why it is incorrect. Then provide a correct explanation of how evolution actually occurs.