The Table Below Provides Information on Output Per Month and Short-Run

question 12

Multiple Choice

The table below provides information on output per month and short-run costs for a firm producing outdoor wooden lounge chairs.All costs are in dollars.
TABLE 7-5
-Refer to Table 7-5.What is the average total cost of producing 25 chairs?

• A)$13
• B)$14
• C)$22
• D)$23
• E)$550

---

Definitions:

Statute of Frauds

The Statute of Frauds is a legal principle requiring certain types of contracts to be in writing and signed to be enforceable.

Partial-Performance Exception

A legal doctrine allowing enforcement of an oral contract, contrary to the Statute of Frauds, based on partial completion of agreed terms.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Merger Clause

A contract provision that states the written contract represents the complete and final agreement between the parties, superseding all prior negotiations.