-Based on the Above Figure of the Costs at Barney's

question 3

Multiple Choice

-Based on the above figure of the costs at Barney's Bagel Bakery, at which of the following levels of output does the marginal product of labor equal the average product of labor?

• A) at 500 bagels
• B) at 2000 bagels
• C) at 3000 bagels
• D) None of the above because the marginal and average products of labor can never be equal.

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Definitions:

Egocentric

Focused on oneself and considering one’s own perspectives and interests above those of others.

Essentialist Tendency

The inclination to believe in an intrinsic, unchanging nature of things, often ignoring the influence of culture, context, and history.

Generalize

To make a general or broad statement by inferring from specific cases.

Average

A statistical measure representing the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.