(Figure: Cost and Quantity of Output II)

question 2

Multiple Choice

(Figure: Cost and Quantity of Output II)
The variable cost of producing an output of 12 is $____.

• A) 70
• B) 30
• C) 20
• D) 0

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Definitions:

Overestimating Knowledge

The tendency to believe one knows more about a subject or topic than one actually does.

Retention of Material

The ability to remember and recall information, skills, or knowledge over time after initial learning has taken place.

Hindsight Bias

The inclination to feel, after something has happened, that one would have foreseen or anticipated the result.

Humility

Humility is the quality of having a modest or low view of one's importance, often allowing individuals to be open, teachable, and appreciative of others.