The Table Given Below Shows the Total Fixed and Variable

question 50

Multiple Choice

The table given below shows the total fixed and variable costs of a firm. Table 7.3

- In Table 7.3,the average fixed cost of the first unit of output is ____ while the average fixed cost of producing 8 units of output is ____.

• A)$30; $40
• B)$40; $5
• C)$40; $40
• D)$40; $280
• E)$40; $320

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Definitions:

Price Decreases

A decline in the cost of goods or services, opposite to price increases.

Demand Curve

A diagram illustrating how consumer demand for a product changes in relation to its price.

Quantity Demanded

The overall volume of a certain good or service that individuals are prepared and financially able to buy at a set price during a specified interval.

Price

The payment expected, demanded, or issued in compensation for something.