-The Table Above Gives the Cost of Producing T-Shirts

question 43

Multiple Choice

-The table above gives the cost of producing T-shirts. When 5 T-shirts are produced, the average fixed cost is ________ and the average variable cost is ________.

• A) $4; $10
• B) $10; $6
• C) $5; $3
• D) $4; $6

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Definitions:

National Strategy

A comprehensive plan of action developed by a country to guide decisions and achieve rational outcomes.

Payoff Matrix

A table that shows the potential outcomes or payoffs in a decision-making situation, typically used in game theory to analyze the strategies of different players.

Dominant Strategy

In game theory, a strategy that yields the best outcome for a player, regardless of what the other players do.

Nash Equilibrium

An idea in game theory that suggests no participant can gain an advantage by altering their approach if all other participants maintain their strategies.