A Firm Produces 10 Widgets That They Sell for $15

question 11

Multiple Choice

A firm produces 10 widgets that they sell for $15 each. The average variable cost for the production of 10 widgets is $13/unit. The fixed costs for this firm equal $20. What is the value of this firm's profits?

• A) -$20
• B) -$2
• C) 0
• D) $20

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Definitions:

Fairness And Justice

The concepts and practices of treating individuals equitably, without discrimination, and in accordance with established rules and ethics.

Honesty

The quality of being truthful, transparent, and free from deceit or fraud in one's actions and statements.

Equality

The state of being equal, especially in status, rights, and opportunities.

Self-Efficacy

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.