-The Production and Cost Information Provided in the Table Above

question 72

Multiple Choice

-The production and cost information provided in the table above for Flaming Fernando's,a restaurant that sells Fiery Frijoles,is for the

• A) short run because there are no variable costs.
• B) short run because there is a fixed cost.
• C) long run because there are no variable costs.
• D) long run because there are no fixed costs.
• E) short run and long run because the total cost increases as production increases.

---

Definitions:

Producing Unit

An individual entity, such as a factory or company, involved in the production of goods or services.

Marginal Revenue

The additional income received from selling one more unit of a good or service.

Selling Unit

A specific quantity or configuration of a product that is made available for sale to consumers.

Marginal Benefit

The additional satisfaction or utility gained from consuming one more unit of a good or service.