-Refer to Table 8

question 38

Multiple Choice

-Refer to Table 8.1.Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost.What is the average variable cost of producing 22 units of output?

• A) $0.91
• B) $45.45
• C) $0.45
• D) $0.83

---

Definitions:

Title

The legal right to own, use, or dispose of property or assets.

Seller

refers to an individual or entity that offers goods or services for sale to consumers or other businesses.

Merchant

An individual or business engaged in the selling of goods or services, especially those involved in wholesale or retail trade.

Risk of Loss

Refers to the financial and legal responsibility for damage, destruction, or loss of goods, usually determined by the terms of sale like F.O.B.