-Assume Labor-The Only Variable Input of a Firm-Has Average and Marginal

question 31

Multiple Choice

-Assume labor-the only variable input of a firm-has average and marginal product curves shown in the figure above.The price of labor is $1,000 per unit .At its minimum value,average variable cost is $__________.

• A)$1,000/2,025
• B)$1,000/1,925
• C)$1,000/1,800
• D)$1,000/825
• E)none of the above

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Definitions:

Id Impulses

Instinctual drives and desires, often unconscious, that form part of Freud's structural model of the psyche, seeking immediate satisfaction according to the pleasure principle.

Ego Defense Mechanisms

According to psychoanalytic theory, strategies developed by the ego to control unacceptable id impulses and to avoid or reduce the anxiety they arouse.

Unconscious Conflict

A struggle or problem that exists in one's unconscious mind, affecting behavior and emotions without the individual's awareness.

Checking Compulsion

A compulsion in which people feel compelled to check the same things over and over.