A Firm Is Producing 100 Units of Output at a Total

question 54

Multiple Choice

A firm is producing 100 units of output at a total cost of $400. The firm's average variable cost is $3 per unit. What is the firm's total fixed cost?

• A) $1
• B) $50
• C) $100
• D) $300

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Definitions:

Locations

Specific places or positions.

Many

A term referring to a large number of something, indicating abundance or numerousness.

Much

A large amount or degree of something.

Excessive

Describes an amount or degree of something that is more than necessary, reasonable, or permissible.