The Following Graph Shows the Marginal and Average Product Curves

question 100

Multiple Choice

The following graph shows the marginal and average product curves for labor,the firm's only variable input.The monthly wage for labor is $2,800.Fixed cost is $160,000. What is AVC at its minimum?

• A)$80
• B)$100
• C)$8
• D)$50
• E)$35

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Definitions:

Collective Unconscious

A concept in Jungian psychology referring to a part of the unconscious mind, shared among beings of the same species, that contains memories and ideas inherited from ancestors.

Carl Jung

A Swiss psychiatrist and psychoanalyst who founded analytical psychology, known for concepts like archetypes, the collective unconscious, and synchronicity.

Inferiority Complex

A psychological condition where an individual feels a deep sense of inadequacy and lack of self-esteem, often stemming from real or perceived weaknesses.

Alfred Adler

An Austrian psychiatrist and psychotherapist known for founding the school of individual psychology which emphasizes the importance of feelings of inferiority and the creative self.