13. Firms will enter the industry under which of the following conditions? a. Pr

Question

13. Firms will enter the industry under which of the following conditions?
a. Price is less than average variable cost
b. Price is greater than average total cost
c. Price is less than average total cost
d. Price is greater than average variable cost

14. If total cost is $36 and variable costs are $16 at 4 units of output, average fixed cost is
a. $12
b. $2
c. $5
d. $4

15. A nation has a comparative advantage when
a. It produces a larger quantity of the good than any other nation
b. It produces a good at a relatively lower opportunity cost than other nations
c. It reduces labor restrictions to reduce total costs
d. It reduces environmental policies to reduce total costs


**Please explain how you came to your conclusion**

Explanation / Answer

13 a 14 c 15 b

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