At 50 Units of Output, a Firm's Average Variable Cost

question 179

Multiple Choice

At 50 units of output, a firm's average variable cost is $30.Therefore, its:

• A) average total cost is $30.
• B) average total cost is greater than $30.
• C) average total cost is less than $30.
• D) marginal cost is $30.

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Definitions:

Statute of Frauds

The Statute of Frauds is a legal doctrine that requires certain types of contracts to be in writing and signed by the parties involved to be enforceable.

Oral Evidence

Testimony given by a witness in court or during a legal proceeding that is spoken and not written.

Written Contract

A legally binding agreement between two or more parties that is put in writing and signed by the parties.

Statute of Frauds

A legal doctrine that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.