Refer to the Information Provided in Table 8 $\text {Number of}$

question 126

Multiple Choice

Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 $\text {Number of}$

$\begin{array}{llllllll}\text {Earrings}&\text { TVC}&\text { MC }&\text {AVC}&\text { TFC }&\text {TC}&\text { AFC}&\text { ATC}\\\hline0 & & & & &100 & \\1 & & 50 & & & \\2 & & & & & &&95 \\3 & & & 46.67 & & \\4 & & & & &300 & \\5 & 270 & & &\\\hline\end{array}$

-Refer to Table 8.2. If Sherry produces four pairs of earrings, her average fixed costs are

• A) $4.
• B) $20.
• C) $25.
• D) $100.

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Definitions:

Nation's GDP

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Specialization

A production strategy where a business or country focuses on producing a limited range of goods or services to gain greater degrees of productive efficiency within an overall system.

Collective Discrimination

Discriminatory practices or attitudes shared and enacted by a group towards others, often based on race, gender, or ethnicity.

Wage Rate

The amount of money paid per unit time to an employee for their labor.