The Table Below Provides Information on Output Per Month and Short-Run

question 123

Multiple Choice

The table below provides information on output per month and short-run costs for a firm producing outdoor wooden lounge chairs.All costs are in dollars.
TABLE 7-5
-Refer to Table 7-5.What is the average variable cost of producing 20 chairs?

• A)$22
• B)$23
• C)$260
• D)$460
• E)$13

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Definitions:

Endorsed

Endorsed refers to the approval or support, often given formally or officially to signify agreement with or sanction of something.

Full Endorsement

A signature on the back of a negotiable instrument, such as a check, that specifies the person to whom the instrument is to be paid, transferring ownership.

Blank Endorsement

Blank Endorsement is a signature on a financial instrument, such as a check, without designating a payee, making it payable to the bearer.

Drawer

In accounting, the entity (person or organization) that issues or writes a bill of exchange, check, or draft, instructing another entity to pay.