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Exam 12 - Question 1 of 15 0.5 0.5 Points The only variable...

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Question 1 of 15 0.5/ 0.5 Points The only variable input used in producing bicycles in a small factory is labor. Currently 4 workers are employed; each works 40 hours per week and is paid $10 per hour. If fixed cost is $2,000 per week and total output is 10 bicycles per week, then average cost is: A. $16 0. B. $26 0. C. $20 0. D. $36 0. Answer Key: D Question 2 of 15 0.0/ 0.5 Points The minimum point of the average total cost curve always occurs at a larger output level than the minimum point of the average variable cost curve because: Answer Key: C Question 3 of 15 0.5/ 0.5 Points
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If marginal cost is less than average variable cost, then average variable cost will: Answer Key: B
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