If at Optimum Output of 1,000 Units, the Firm Is

question 117

Multiple Choice

If at optimum output of 1,000 units, the firm is incurring average variable cost per unit of $3, average fixed cost per unit of $1.50, and selling its output at $7 per unit, total profit is

• A)$7,000.
• B)$2,500.
• C)$1,500.
• D)$250.

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Definitions:

Adolescents

A developmental stage that describes young people transitioning from childhood to adulthood, typically characterized by significant physical, psychological, and social changes.

Formal Operational Period

In Piaget’s theory, the period from about age twelve on, in which a child can think abstractly and consider hypothetical possibilities.

Abstract Reasoning Skills

These skills involve the ability to analyze information, detect patterns and relationships, and solve problems on a complex, abstract level.

Formal Operational Period

A stage of cognitive development proposed by Piaget, where individuals (around 12 years and older) start to think abstractly, reason logically, and use deductive reasoning.