A firm has a fixed cost of $200 in its first year of operation. When the firm produces 99 units of output, its total costs are $4,000 . The marginal cost of producing the 100th unit of output is $700 . What is the total cost of producing 100 units?

Identify which of the following motivated European expansion in America

(a) International trade and finance opportunities (b) Precious metals such as gold and silver (c) The hope of finding a northwest passage to the Orient (d) All of the above

Which of the following best describes social costs?

a. The external costs borne by other members of society, ignoring the private costs to market participants. b. The sum of external costs and private costs. c. External costs minus private costs. d. Private costs minus external costs.