The Following Graph Shows the Marginal and Average Product Curves

question 77

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. What is AVC at its minimum?

• A)$80
• B)$100
• C)$8
• D)$50
• E)$35

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Definitions:

Earth's Atmosphere

The layer of gases surrounding the Earth, essential for life, and protecting it from harmful solar radiation.

Fossil Fuels

Natural fuels such as coal, oil, and natural gas, formed from the decomposed remains of ancient plants and animals, used for energy.

Minerals

Naturally occurring, inorganic solids with a definite chemical composition and a crystalline structure found in the earth.

Earth Layers

The division of the interior of Earth into layers, including the crust, mantle, outer core, and inner core, based on chemical and physical properties.