A Firm Is Producing 1,000 Units of Output for Which

question 45

Multiple Choice

A firm is producing 1,000 units of output for which the average variable cost of production equals 50 cents.The firm's total fixed costs equal $700.The total cost of producing 1,000 units of output equals:

• A) $700.
• B) $500.
• C) $1,000.
• D) $1,200.

---

Definitions:

Intangible Asset

An asset that lacks physical substance, such as intellectual property, goodwill, or brand recognition.

Patent Right

A legal entitlement granted to an inventor or assignee to exclusively exploit an invention for a certain period, preventing others from selling, making, or using the invention without permission.

Trademark

A symbol, word, or words legally registered or established by use as representing a company or product.

Copyright

A form of intellectual property law that grants creators exclusive rights to reproduce, distribute, perform, or display their original works.