Refer to the Following

question 52

Multiple Choice

Refer to the following:

A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.

-What is average variable cost?

• A) $0.32
• B) $16
• C) $20
• D) $1,280
• E) none of the above

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Definitions:

Holistically

An approach that considers the whole system, including all of its parts and their interactions, rather than focusing on individual components.

Collectivist Cultures

Societies that emphasize the needs and goals of the group as a whole over the needs and wishes of each individual.

Holistically

An approach or method of considering or treating something as a whole, rather than focusing on individual parts or aspects.

Individualistic Cultures

Cultures that emphasize personal achievements and individual rights, often prioritizing personal goals over group ones.