Use the following table to answer the next question.OutputTotal Cost0$10120228338453573698The total fixed cost of production is
A. $20.
B. $0.
C. $10.
D. $98.
Answer: C
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The total producer surplus in the entire market is given by the:
A) product of the individual seller's surplus. B) sum of all the individual sellers' producer surplus. C) area between the market supply curve and the market demand curve. D) area between the market demand curve and the price line.
The rental price of capital is the:
A. interest paid on loans. B. equilibrium wage. C. value of the expected flow of income gained from ownership. D. amount producers pay to use a factor of production.
At outputs less than the minimum of average variable cost:
a. marginal cost is greater than average variable cost. b. marginal cost is less than average variable cost. c. marginal cost is equal to average variable cost. d. marginal cost is parallel to average variable cost.
The product of nominal GDP and the GDP deflator equals the real GDP of a country
a. True b. False Indicate whether the statement is true or false