Use the Figure Below to Answer the Following Questions

question 157

Multiple Choice

Use the figure below to answer the following questions.

Figure 2.2.1
-In Figure 2.2.1, when 2,000 bicycles are produced each month,

• A)the marginal benefit from another bicycle is greater than the marginal cost of another bicycle.
• B)more bicycles must be produced to reach the efficient level of output.
• C)fewer bicycles must be produced to reach the efficient level of output.
• D)the economy is efficient at this level of production of bicycles.
• E)both A and B.

Appreciate the legal and social responses to gender-based discrimination and harassment.

Describe the psychological processes leading to ethical violations.

Recognize the importance of ethical behavior and management's role in promoting it.

Understand the impact of organizational culture on ethical and unethical behaviors.

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Definitions:

Labor

The effort involving both bodily and intellectual activities applied in generating goods and services.

AVC

Average Variable Cost, the total variable cost divided by the quantity of output produced.

AFC

Average fixed cost, or the total fixed costs divided by the quantity of output produced, indicating how fixed costs per unit change with production levels.

MC

The additional cost incurred for producing one more unit of a good or service; it's synonymous with marginal cost.