Table 14-1 This Table Shows the Revenue and Costs of a Parrot

question 36

Multiple Choice

Table 14-1
This table shows the revenue and costs of a parrot farmer.
-Refer to Table 14-1.If the farmer harvested three parrots then:

• A)fixed cost is zero
• B)marginal cost is $8
• C)marginal revenue is less than average variable cost
• D)marginal revenue is less than marginal cost

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Definitions:

Fire-Protection Services

Services provided by firefighters and related personnel intended to protect people and property from fires and other emergencies.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be enjoyed by anyone and one person's consumption does not reduce another's.

Excludable

An excludable good is one from which individuals can be prevented from using if they do not pay for it.

Rival In Consumption

A characteristic of a good or service that means its consumption by one individual prevents simultaneous consumption by another individual.