Use the Following to Answer Questions

question 167

Multiple Choice

Use the following to answer questions:
Figure: Revenues, Costs, and Profits for Tomato Producers III
-(Figure: Revenues, Costs, and Profits for Tomato Producers III) Look at the figure Revenues, Costs, and Profits for Tomato Producers III. The market for tomatoes is perfectly competitive. The farm's short-run supply curve is the _____ cost curve above a price of _____.

• A) average total; $14
• B) average variable; $10
• C) marginal; $10
• D) marginal; $14

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Definitions:

Jeopardy

A situation involving exposure to danger, risk, or harm.

Skepticism

An attitude of doubt or a disposition to incredulity either in general or toward a particular object.

Heuristics

Are simplifying strategies or “rules of thumb” used to make decisions.

Certainty

The total absence of doubt about something.