A.fixed costs.

b.variable costs.

c.short-run costs.

d.average fixed costs.

67.

Based on the table, if the Fixed Cost is $500, what is the Marginal Cost of the 10th unit?

a.$250

b.$200

c.$50

d.$300

68.

Based on the table, if the Fixed Cost is $500, what is the Average Total Cost of the 5th unit?

a.$250

b.$140

c.$240

d.$100

69.

Based on the table, if the Fixed Cost is $500, what is the Average Variable Cost of the 4th unit?

a.$250

b.$125

c.$240

d.$100

70.

Economies of scale occur when the ________ as the quantity of output increases.

a.short-run Average Total Cost falls

b.short-run Average Total Cost rises

C.long-run Average Total Cost falls

d.long-run Average Total Cost rises

Monopolistic Competition

71.

Which of the following is NOT a characteristic of monopolistic competition?

a.There are many sellers.

b.There are many buyers.

c.Everybody is perfectly informed.