The Following Graph Shows the Marginal and Average Product Curves

question 96

Multiple Choice

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:

Classical Conditioning

A method of learning that happens when an environmental trigger is associated with a naturally existing stimulus, yielding a trained reaction.

Social Conditioning

The process by which individuals learn the norms, values, and behaviors acceptable to their society through social interactions.

Physical Conditioning

A process of training or exercise aimed at improving physical fitness, strength, and endurance.

Socialization

The process by which individuals learn and adopt the values, norms, and behaviors considered appropriate in their society.