Figure 8-14 The Following Question(s)refer(s)to the Below Cost Curves for One Very

question 82

Multiple Choice

Figure 8-14
The following question(s) refer(s) to the below cost curves for one very small firm in a large market.

-Refer to Figure 8-14.The marginal cost of producing the tenth unit is

• A)7.
• B)13.
• C)70.
• D)130.

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Definitions:

Average Fixed Costs

Fixed production costs (unchanged by output volume) divided by the total produced output quantity.

Short-Run

A period in which at least one factor of production is fixed, influencing how businesses can respond to changes in demand or supply.

Total Costs

The aggregate amount of all costs, both fixed and variable, incurred in producing goods or providing services.

Microwave Ovens

Electrical appliances that use microwave radiation to heat and cook food rapidly.