Refer to the Information Provided in Table 8 $\text {Number of}$

question 260

Multiple Choice

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3 $\text {Number of}$
$\begin{array}{llllllll}\text {Earrings}&\text { TVC}&\text { MC }&\text {AVC}&\text { TFC }&\text {TC}&\text { AFC}&\text { ATC}\\\hline0 & & & & && \\1 & 20& & & & \\2 & & 10& & & &30& \\3 & & & & 110&& \\4 & & &20 & & & \\5 & & & &180 &\\\hline\end{array}$

-Refer to Table 8.3. From the information in the given table,

• A) the firm is in the long run.
• B) the firm eventually experiences diminishing returns to its variable input.
• C) the marginal cost curve intersects the average total cost curve between 3 and 4 units of output.
• D) the difference between total cost and total variable cost decreases as output increases.

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Definitions:

Industry Self-Regulation

A process where an industry regulates itself without external government intervention, often through adopting common standards or codes of conduct.

MPAA

The Motion Picture Association of America, an organization that rates films based on their content to provide viewership guidance.

Local Community Radio Act

U.S. legislation that expanded the licensing of low-power FM radio stations to enhance local media outlets and diversify radio broadcasting content.

Law

A system of rules that are created and enforced through social or governmental institutions to regulate behavior, ensuring order and justice within a society.