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ECON-1010-D1/D2-Introduction to Microeconomics

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Gerald is a freelance writer who could work for a newspaper at $25,000 a year but instead runs his own business making revenue of $40,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for rent. What is Gerald's economic profit from working as a freelance writer?
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Choose the correct equation.
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Which one of the following is false?
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The average variable cost curve will shift upward if
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The total output produced with any quantity of labour is equal to the sum of the
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If the ATC curve is rising then the MC curve must be
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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic

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If a competitive firm is producing in the short run at an output where price is less than average total cost, the firm
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The figure above illustrates the short-run average and marginal cost curves of a perfectly competitive firm. The average total cost can be obtained as

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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic

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