Refer to the Graph Shown of Average Costs for a Typical

question 166

Multiple Choice

Refer to the graph shown of average costs for a typical firm. The per-unit cost of the industry would be $8 if:

• A) two firms produced 250 units of output each.
• B) one firm produced 500 units of output.
• C) two firms produced 1,000 units of output each.
• D) one firm produced 667 units of output.

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