Refer to the Following

question 97

Multiple Choice

Refer to the following:
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, what is its marginal cost at this output?

• A) $65
• B) $70
• C) $50
• D) $56
• E) $120

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Definitions:

Internal Conflict

The struggle occurring within a person’s mind, often between different desires, impulses, or values.

Unconscious Motivation

Drives and desires that influence an individual's behavior and decisions, of which they are not consciously aware.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired: a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Ivan Pavlov

A Russian physiologist known for his work in classical conditioning, demonstrating how environmental stimuli can trigger responses in animals.