Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $6 and its total variable cost is $400. The total cost of producing 100 widgets is
A. $306.
B. $400.
C. $600.
D. $1,000.
Answer: D
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When used with a natural monopoly, an average cost pricing rule results in
A) the efficient level of output. B) economic losses for the firm. C) the need for government to subsidize the natural monopoly. D) zero economic profit for the firm. E) the firm making an economic profit.
According to the World Bank definitions, there are more people in the world living in extreme poverty than there are living in severe poverty.
Answer the following statement true (T) or false (F)
Which of the following is the smallest dollar amount in the United States?
A. Disposable income. B. Personal income. C. Gross domestic product. D. National income.
Which of the following is a government response to asymmetric information?
A. external product certification B. manufacturer's warranties C. product guarantees D. government licensing