Assume that one laborer produces 6 units of output, two laborers produce 14 units, three produce 20 units, and four produce 24 units. If the cost is $20 per unit of labor and fixed costs are $100, what is the average total cost of producing 14 units of output?

A characteristic function is:

a. one that identifies negotiations which depend on the characteristics of the bargainers. b. one that gives the value each possible coalition of a group's members can create by operating independently. c. one that identifies the most beneficial price for the buyer involved in a transaction. d. one that identifies the most beneficial price for the seller involved in a transaction.

If additional units of output could be produced at constant opportunity cost, the production possibilities curve would be: a. bowed inward toward the origin

b. bowed outward away from the origin. c. positively sloped. d. a straight line with a negative slope.