Use the Following to Answer Questions

question 12

Multiple Choice

Use the following to answer questions:
Figure: Market for Vaccines
-(Figure: Market for Vaccines) Refer to the figure. The figure represents the market for vaccines with external benefits. The external ________ of vaccination is ________.

• A) cost; $15
• B) cost; $10
• C) benefit; $20
• D) benefit; $5

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Definitions:

Average Total Cost

The total cost of production divided by the number of units produced, including both fixed and variable costs.

Range of Output

Refers to the variety of products or services produced by a company or industry.

Mixers

Devices used to blend or combine ingredients together, often found in kitchens or for industrial purposes.

Average Fixed Cost

The fixed costs of production (costs that do not change with output level) divided by the quantity of output produced.