IsaacZ
1. A monopsony is when a buyer has control on all of the purchases.
2. Production possibilities are the different items a firm or country can produce.
3. If demand increases then Q increases, when Q increases demand for labor increases.
4.
5. 350 cars
6. AFC is the average fixed cost per each item. AVC is the average variable cost per item. ATC is the average total cost per each item. They are all costs of the individual units. A firm should shut down when his average total cost is greater than his revenue.
7. An technological advancement in the making of the items.
Categories: [Economics Homework Twelve Answers]