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wrote...
Posts: 75
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2 weeks ago

Question 1.

The firm's short-run costs contain

• both variable and fixed costs.

• only variable costs.

• only opportunity costs.

• only fixed costs.

Question 2.

Suppose that a firm is currently producing 500 units of output. At this level of output, AVC is $1 per unit, and TFC is $500. What is the firm's TC?

• $1,500

• $501

• $500

• $1,000
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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Replies
wrote...
2 weeks ago

Answer 1

both variable and fixed costs.

Answer 2

$1,000
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