Suppose That Each Firm in an Industry Has a Total

question 140

Multiple Choice

Suppose that each firm in an industry has a total cost curve given by TC = 7,000 + 50Q. The lowest average total cost of producing 1,000 units of output occurs when:

• A) two firms each produce 500 units of output.
• B) one firm produces all 1,000 units of output.
• C) four firms each produce 250 units of output.
• D) 10 firms each produce 100 units of output.

---

Definitions:

Shortcut Menu

A contextual menu that appears when a user clicks on an object with the right mouse button, providing quick access to common tasks.

Delete Table

The operation of removing an entire table, including all its data and structure, from a database.

Field List

A collection of fields or identifiers in a database or software application, often used for managing, entering, or displaying data.

Criteria Grid

A tool or template used to compare and evaluate options based on a set of predetermined criteria.