Assume That in the Short Run a Firm Is Producing

question 278

Multiple Choice

Assume that in the short run a firm is producing 100 units of output, has average total costs of $100, and average fixed costs of $20. The firm's total variable cost at this output level is

• A) $120.
• B) $80.
• C) $8,000.
• D) $12,000.

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Definitions:

Thomas Theorem

This theorem posits that if people define situations as real, they are real in their consequences.

Secondary Socialization

The process of learning appropriate behavior within smaller sections of the larger society, such as schools, workplaces, and peer groups, after primary socialization in the family.

Resocialization

The process by which one's sense of social values, beliefs, and norms are reengineered, often deliberately, through an intense social process that may involve considerable stress or effort.