Table 13-5 -Refer to Table 13-5. Assume That Fixed Costs Are $500

question 643

Multiple Choice

Table 13-5
-Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total-cost curve?

• A)Both the production function and total-cost curve are increasing at an increasing rate.
• B)Both the production function and total-cost curve are increasing at a decreasing rate.
• C)The production function is increasing at an increasing rate, whereas the total-cost function is increasing at a decreasing rate.
• D)The production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.

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Incorporation Statute

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A characteristic of certain business entities, such as corporations, indicating they can continue indefinitely unless dissolved.

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The legal document filed with a state government to legally establish a corporation, detailing its structure, purpose, and regulations.

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