Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's
A) total variable cost was zero.
B) incurred an economic loss.
C) total variable cost equaled $200,000.
D) total variable cost equaled $372,000.
E) None of the above answers is correct.
C
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In 1979, the price of gasoline was $1.389 per gallon and the CPI was 72.6. In 2003, the price of gasoline was $1.589 per gallon and the CPI was 182.9. Find the real price of gasoline in 1979 and 2003 in terms of base period dollars
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Compared to the Erie Canal, the primary disadvantage of Pennsylvania canals was
a. state government resistance to providing funds for canal building. b. the steep, mountainous terrain of Pennsylvania. c. a pre-existing network of railroads in Pennsylvania. d. lack of adequate rainfall in Pennsylvania.
Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.