The Following Table Shows the Short-Run Total Cost Data for a Firm

question 228

Multiple Choice

The following table shows the short-run total cost data for a firm. All of the following are correct, except that the firm has

• A)economies of scale.
• B)fixed costs of $80.
• C)constant marginal cost.
• D)an average fixed cost of $20 at 4 units of output.

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Definitions:

Gestalt

A theory in psychology that emphasizes the perception of the whole being greater than the sum of its parts, stressing the importance of context and patterns.

Perception

The process by which individuals interpret and organize sensory information to understand the environment.

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An area of learning that involves the education of emotions, attitudes, and values.

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