Question

124 The total cost of producing 4 units of output is A) $87. B) $31. C) $124. D) $137. Output Figure A (2) Input (3) Costs Figure B Output Refer to the short-run production and cost data. In Figure A curve (1) is A) average product and curve (2) is marginal product. B) marginal product and curve (2) is average product. C) total product and curve (2) is average product. D) total product and curve (2) is marginal product. If a firm suffers an economic loss, its: A) price is less than its average total cost. C) price is less than its marginal cost. B) price is less than its marginal revenu D) none of the above cation about advertising in the milk industry to answer the following question(s). the Application. With the "Got Milk?" advertising campaign, all milk producing firms be campaign, but no single firm has an incentive to pay for the campaign. This is an exa wrisoners' dilemma. el behavior. B) an advertisers' dilemma. D) limit pricing.

Answer 1

Answer-3 The correct option is A.) Curve (1) is average product curve and (2) is marginal product curve.

Answer-4 The correct option is A.) Price is less than its average cost.

Price being less than average cost means that total revenue will be less than total cost. Thus, a firm suffers economic losses.