If the Total Cost of Production for 1000 Widgets Is

question 55

Multiple Choice

If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1,what is the average cost if 2000 widgets are produced?

• A)$2
• B)$1.50
• C)$1
• D)$0.50

---

Definitions:

Evolutionary Theory

A scientific theory explaining the process by which species undergo genetic changes over generations, leading to diversity of life.

Evolutionary Perspective

A theoretical approach that explains psychological traits as adaptations that have evolved to solve recurrent problems in human ancestral environments.

Triangular Theory

A theory, often related to love, that proposes three components (intimacy, passion, and commitment) are necessary for complete love.

Social Exchange Theory

A theory which maintains that people provide help to someone else when the benefits of helping and the costs of not helping outweigh the potential costs of helping and the benefits of not helping.