The Long-Run Total Cost Schedule of a Perfectly Competitive Firm

question 114

Multiple Choice

The long-run total cost schedule of a perfectly competitive firm that produces blueberries is as follows:
TABLE 8-2

-Refer to Table 8-2. What is the average total cost of producing 2000 kilograms of blueberries in the long run?

• A) $2
• B) $2.20
• C) $2.50
• D) $2.75

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Definitions:

Centralization

The process of concentrating control and decision-making authority within a centralized group or location, often at the top levels of organizational hierarchy.

Supervision

The act of overseeing or managing others' work to ensure it meets required standards and objectives.

Mutual Adjustment

The continuous process of negotiation and compromise between parties to adapt to each other's needs or changes in the environment.

Organizational Structure

The system of roles, responsibilities, and authority within an organization that defines how activities such as task allocation, coordination, and supervision are directed toward achieving organizational goals.