If the Total Cost of Production for 1000 Widgets Is

question 15

Multiple Choice

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

• A)$2
• B)$1.50
• C)$1
• D)$0.50

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Definitions:

Private Property

Most basic freedom under the private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property.

High-Quality

Refers to products, services, or processes that meet or exceed established standards and customer expectations.

Competitive Goods

Products or services that compete in the same market as others, appealing to the same set of consumers.

Not-For-Profit

Organizations that operate for purposes other than making a profit, often focusing on social, educational, or charitable activities.