Table 12-1 Table 12-1 Shows the Short-Run Cost Data of a Perfectly

question 67

Multiple Choice

Table 12-1

Table 12-1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units.
-Refer to Table 12-1.What is the fixed cost of production?

• A)$0
• B)$500
• C)$1,000
• D)It cannot be determined.

---

Definitions:

Effective

Having the desired effect or achieving the intended result.

Observational Learning

A learning process where individuals acquire new behaviors or information by observing and imitating others.

Cognitive Learning

Learning based on mental processes, including thinking, memory, problem-solving, and information processing.

Observational Learning

A learning process in which individuals learn new behaviors or information by observing the actions of others, not through direct experience or instruction.