In 2011, the Fixed Costs of a Company Were $500,000

question 65

Multiple Choice

In 2011, the fixed costs of a company were $500,000, and its variable costs equalled $150,000. In 2010, the company made an annual profit of $200,000. It has been predicted that, despite a steady growth, the company's variable costs will likely equal $300,000 by 2013. The total costs of the company in 2011 were ________.

• A) $350,000
• B) $450,000
• C) $650,000
• D) $800,000
• E) $950,000

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Definitions:

Labor Migration

The movement of workers from one region or country to another in order to find employment or pursue better economic opportunities.

Migrant Workers

Individuals who move from one region or country to another to seek employment opportunities, often in temporary or seasonal jobs.

Labor Migration

the movement of people from one area to another for the purpose of employment.

Implicit Cost

The opportunity cost associated with a firm's use of resources that it owns, measured by the income the firm foregoes by utilizing these resources in-house rather than engaging them elsewhere for profit.