If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is The equilibrium price is likely to increase and profits are likely to increase The equilibrium price is likely to remain unchanged and profits are likely to increase The equilibrium price is likely to decrease and profits are likely to decrease The equilibrium price is likely to increase and profits are likely to remain unchanged

If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is The equilibrium price is likely to increase and profits are likely to increase The equilibrium price is likely to remain unchanged and profits are likely to increase The equilibrium price is likely to decrease and profits are likely to decrease The equilibrium price is likely to increase and profits are likely to remain unchanged

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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