Use the Following to Answer Questions 14-15

question 99

Multiple Choice

Use the following to answer questions 14-15:
Figure 7.1
-(Figure 7.1) The total cost of producing 7 units of output is:

• A) $200.
• B) $100.
• C) $300.
• D) $500.

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Definitions:

Good

An item or service that satisfies a want or need and is available for sale or exchange in the market.

Maximizing Utility

The economic principle that individuals or firms seek to achieve the highest level of satisfaction or benefit from their choices.

Marginal Utility

The increased enjoyment or value gained by a consumer from consuming an extra unit of a good or service.

Price

The amount of money required to purchase a good or service, which is determined by supply and demand.