-Refer to Table 8

question 38

Multiple Choice

-Refer to Table 8.1.Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost.What is the average variable cost of producing 22 units of output?

• A) $0.91
• B) $45.45
• C) $0.45
• D) $0.83

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Definitions:

Standard Line

Often refers to a commonly accepted benchmark or norm within a given context, such as manufacturing, testing, or evaluating outcomes.

Credibility

The quality or power of inspiring belief; how trustworthy or believable a person, organization, or piece of information is perceived to be.

Likability

The quality or state of being pleasant, agreeable, and easy to enjoy, often influencing social acceptance and interpersonal relationships.

Salesperson

An individual who sells goods or services to customers for a living, often directly interacting with the buyers.