Use the Following to Answer Question(s): Short-Run Costs

question 32

Multiple Choice

Use the following to answer question(s) : Short-Run Costs

-(Exhibit: Short-Run Costs) At 6 units of output, average fixed cost is approximately:

• A) $50
• B) $70
• C) $120
• D) $150

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Definitions:

Impulsive

Characterized by actions taken without forethought or consideration of the consequences; spontaneous behavior.

Conservative

A political and social ideology that emphasizes the value of traditional institutions and practices, resistance to rapid change, and cautiousness in political and social reform.

Liberal

Pertaining to a political and social philosophy that emphasizes individual rights, freedom of expression, and a preference for governmental intervention in social and economic matters.

Openness

A personality trait characterized by an appreciation for art, emotion, adventure, and unusual ideas; imaginative and curious.