Multiple Choice
A firm produces 100 units of output at an average variable cost of $5 and incurs a total fixed cost of $700. Which of the following is true?
A) The firm's average total cost is $12.
B) The firm's total variable cost is $1,200.
C) The firm's marginal cost is constant and equal to $5.
D) The firm's average fixed cost is $5.
E) The firm's total cost is $500.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Accounting profit differs from economic profit because:<br>A)
Q2: A firm produces three products A, B,
Q4: Explain the economic logic of the short-run
Q5: The production manager of a clothing manufacturer
Q6: If a firm were to stop production
Q7: When average total cost is at its
Q8: The following figure shows the long-run average
Q9: A firm's total cost function is: C
Q10: The table gives the short-run production
Q11: When the long-run average cost is at