Use the Following Table to Answer the Following Questions

question 83

Multiple Choice

Use the following table to answer the following questions.

-What is the equilibrium quantity in the market for public transportation?

• A) 100,000
• B) 86,000
• C) 75,000
• D) 116,000
• E) 0 (zero)

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Definitions:

Total Cost

The overall expense incurred in the production of goods or services, combining both fixed and variable costs.

Average Total Cost

The total cost of production divided by the total output, indicating the average cost per unit of output.

Average Fixed Costs

The fixed expenses of a company or project divided by the number of units produced, decreasing as production increases.

Diseconomies of Scale

The phenomenon where an increase in production leads to higher average costs per unit, often due to inefficiencies associated with scale of operation.