Using the data in the above table, the average fixed cost of producing 16 units is
A) $1.11 a unit.
B) $1.25 a unit.
C) $1.54 a unit.
D) $2.22 a unit.
B
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Which of the following has a direct relationship rather than an inverse relationship with the supply curve?
a. The number of sellers. b. Resource prices. c. Consumer income. d. Prices of other goods that firms could produce.
Monopolistic competition tends to lead firms to have wasted capacity. Why?
What will be an ideal response?
At the full-employment level of GDP, the total value of goods demanded always equals the total value of goods supplied.
Answer the following statement true (T) or false (F)
If a firm faces a downward-sloping demand curve
A) the demand for its product must be inelastic. B) it has no control over the price or the quantity sold. C) it must reduce its price to sell more units. D) it will always make a profit.