Refer to the Following

question 15

Multiple Choice

Refer to the following:

Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600.

-What is marginal cost?

• A) $.20
• B) $5
• C) $240
• D) $720
• E) none of the above

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Definitions:

Black Smokers

Hydrothermal vents on the ocean floor that emit dark clouds of mineral-rich water, typically found along mid-ocean ridges.

Radioactive Decay

The process by which an unstable atomic nucleus loses energy by emitting radiation in the form of particles or electromagnetic waves.

Oceanic Plateaus

Large, elevated areas of the ocean floor, typically formed by volcanism and featuring relatively flat regions at depth.

Basaltic Volcanism

Volcanic activity characterized by the eruption of basalt, a type of dark, fine-grained igneous rock.