Pre-Test - how much do you know?

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1. Total Economic costs are defined as:

3 points

opportunity costs not paid by the owner

fixed costs

explicit and implicit costs combined

variable costs

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2. If the total fixed cost at El Torito is $200,000 the average fixed cost of 3 units is: .

2 points

$600,000

$66,667

imposible to determine from the data given.

$150.000

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