Multiple Choice
Suppose you operate a factory that produces gadgets. Your current output is 1,000 gadgets. If your fixed cost is $10,000 and your total cost is $50,000, the:
A) average total cost of production is $500.
B) average variable cost of production is $40.
C) average variable cost of production is $50.
D) marginal cost of production is $40,000.
Correct Answer:
Verified
Correct Answer:
Verified
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