A Firm's Marginal Cost Is $82, Its Average Total Cost

question 26

Multiple Choice

A firm's marginal cost is $82, its average total cost is $50, and its output is 800 units. Its total cost of producing 801 units is

• A) less than $40,000.
• B) between $40,000 and $40,050.
• C) between $40,050 and $40,080.
• D) greater than $40,080.

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Definitions:

Corn Snack Chips

A popular snack food made from cornmeal and flavored with various seasonings, often fried or baked.

Wheat Farming

The agricultural practice of cultivating wheat, a cereal grain, for its seed, primarily used for human consumption.

Downward Sloping

A term often used to describe a demand curve, indicating that as the price decreases, quantity demanded increases.

Individual Firm

An individual firm refers to a single business entity that operates in a market to produce or sell goods and services.