Figure 12-4 Figure 12-4 Shows the Cost and Demand Curves for a and Demand

question 6

Multiple Choice

Figure 12-4

Figure 12-4 shows the cost and demand curves for a profit-maximizing firm in a perfectly competitive market.
-Refer to Figure 12-4.If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost?

• A)$7,200
• B)$6,480
• C)$5,400
• D)$3,960

---

Definitions:

Average Observed Time

The mean time measured or recorded for a task or activity based on multiple observations under defined conditions.

Performance Rating

The assessment of an individual's or entity's performance against predefined standards or objectives, usually expressed in numerical or qualitative terms.

Personal Time Allowances

Additional time given to workers to account for personal needs, breaks, and minor delays that are part of the work process.

Work Measurement

The process of analyzing and assessing the time necessary to complete tasks to determine ways to increase efficiency.