Use the Table Below to Answer the Following Questions

question 102

Multiple Choice

Use the table below to answer the following questions.
Table 11.2.3
-Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.Brenda's total fixed cost is

• A)$3 an hour.
• B)$4 an hour.
• C)$7 an hour.
• D)$29 an hour.
• E)zero.

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Definitions:

Marginal Costs

The extra financial burden of generating one additional unit of a good or service.

Marginal Benefits

The incremental satisfaction or advantage obtained from the consumption of an additional unit of a good or service.

Marginal Cost

Marginal cost is the increase in total production cost that arises from producing one additional unit of a good or service.

350-seat Plane

An aircraft designed to accommodate 350 passengers, often used for long-haul international flights.