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

question 260

Multiple Choice

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3 $\text {Number of}$
$\begin{array}{llllllll}\text {Earrings}&\text { TVC}&\text { MC }&\text {AVC}&\text { TFC }&\text {TC}&\text { AFC}&\text { ATC}\\\hline0 & & & & && \\1 & 20& & & & \\2 & & 10& & & &30& \\3 & & & & 110&& \\4 & & &20 & & & \\5 & & & &180 &\\\hline\end{array}$

-Refer to Table 8.3. From the information in the given table,

• A) the firm is in the long run.
• B) the firm eventually experiences diminishing returns to its variable input.
• C) the marginal cost curve intersects the average total cost curve between 3 and 4 units of output.
• D) the difference between total cost and total variable cost decreases as output increases.

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