Suppose a Firm Produces 50,000 Units of Output, and Determines

question 2

Multiple Choice

Suppose a firm produces 50,000 units of output, and determines that its marginal cost is $0.72 and its average total cost is $0.72. At this quantity of output, what is the slope of this firm's long run average total cost curve?

• A)Upward-sloping.
• B)Downward-sloping.
• C)Horizontal.
• D)Vertical.

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Definitions:

Opinion

An unsubstantiated belief in or conclusion about what seems to be true according to an individual’s personal thoughts.

Concrete Evidence

Concrete evidence refers to tangible, specific proof that leaves little room for doubt or questioning in the context it is presented.

Value Judgment

An assessment that reflects personal beliefs or opinions about the worth, desirability, or importance of something.

Cultural Norm

Shared behaviors, values, or beliefs that are considered acceptable or standard within a specific culture.