Suppose a Firm Is Producing 250 Units of Output

question 124

Multiple Choice

Suppose a firm is producing 250 units of output.At this level of output,average fixed costs are $20 per unit and average variable costs are $80 per unit.It can be concluded that total cost is

• A)$100.
• B)$0.40 per unit.
• C)$40 per unit.
• D)$2500.
• E)$25 000.

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Definitions:

Social Darwinism

A theory applying Darwin's concept of natural selection to societal groups, suggesting that social hierarchies and competition are natural and beneficial.

Sociology of Knowledge

The study of the relationship between human thought and the social context within which it arises.

Karl Mannheim

A sociologist known for his work on the sociology of knowledge, exploring how social structures influence human thought.

Exchange Theory

A viewpoint from social psychology and sociology that interprets social stability and change as a result of exchanges negotiated among individuals or groups.