The Following Graph Shows the Marginal and Average Product Curves

question 26

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. When the firm uses 120 units of labor,how much output does it produce?

• A)7,000 units
• B)70 units
• C)8,400 units
• D)9,200 units
• E)7,500 units

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, standards, or social influences, often a result of real or imagined group pressure.

Group Size

Group size refers to the number of individuals constituting a social group, which can influence the group's dynamics, interaction, and effectiveness.

Asch

Refers to the Asch conformity experiments, which were a series of studies directed by Solomon Asch examining if and how individuals yielded to or defied a majority group.

Conformity

Adapting one's behaviors, beliefs, and attitudes to fit into group norms or comply with what society views as acceptable.