Use the above table and assume a fixed cost of $200. At an output of 4, AFC is
A. $50.
B. $100.
C. $200.
D. $400.
A. $50.
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Reducing _____ the benefits available to the buyer and seller and might also enable them to make exchanges that were previously impossible
a. transaction costs decreases b. transaction costs increases c. marginal costs decreases d. marginal costs increases
The distribution of GDP between different factions within an economy most closely relates to the _____________ method of aggregate accounting. The fact that the value of GDP remains equal regardless of whether GDP is measured by what people are earning or what they are producing is referred to as an ___________.
Fill in the blank(s) with the appropriate word(s).
The diamond-water paradox occurs because:
A. the price of a product is related to its total utility, not its marginal utility. B. the price of a product is related to its marginal utility, not its total utility. C. water is, in fact, very scarce in certain regions of the world. D. diamonds are more useful than water.
Refer to the above table. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A. 12 B. 13 C. 11 D. 14