21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC)

Economics:
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Author:BOYES, William
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Chapter25: Monopoly
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21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC)
22. A monopoly firm's supply curve does not exist. Select the correct one.
TRUE
FALSE
Unknown
Transcribed Image Text:21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC) 22. A monopoly firm's supply curve does not exist. Select the correct one. TRUE FALSE Unknown
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Fixed costs refers to those costs that remains constant and will not vary with changes in volume 

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