When a Firm Produces 1000 Widgets with Total Cost of $2000

question 84

Multiple Choice

When a firm produces 1000 widgets with total cost of $2000 and fixed cost of $1000,what is the average variable cost?

• A)$2
• B)$1
• C)$0.50
• D)$0.20

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Definitions:

Snake River Plain

A geographic feature in the U.S. states of Idaho and Oregon, characterized by a vast area of flatland through which the Snake River flows.

Afar Region

A region in the Horn of Africa, known for its volcanic activity and being part of the Afar Triple Junction where three tectonic plates meet.

Continental Hot Spot

A region above a stationary hot mantle plume that can cause volcanic activity in the middle of a tectonic plate.

Meteorite Impact

The collision of a meteorite with another body, such as a planet or moon, often leaving a crater and causing significant geological effects.