-In the Figure Above, Curve B Is the ________ Curve

question 346

Multiple Choice

-In the figure above, curve B is the ________ curve.

• A) average fixed cost
• B) average variable cost
• C) average total cost
• D) marginal cost

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Definitions:

Minimum-wage Laws

Legislation established to set the lowest hourly rate that employers can legally pay their workers, aimed at preventing exploitation and poverty.

Firms

Organizations that use various inputs to produce goods or services for sale to consumers, other businesses, or the government.

Workers

Individuals engaged in a particular task or activity for wages or salary.

Price Floor

A government- or group-imposed price control or limit on how low a price can be charged for a product.