Multiple Choice
A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $4,500. The marginal cost of producing the 101st unit of output is $300. What is the total cost of producing 101 units?
A) $46.53
B) $800
C) $4,800
D) $5,300
Correct Answer:
Verified
Correct Answer:
Verified
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