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?

An increase in housing starts, typically due to __________ interest rates, is often thought to precede __________

A) rising; an expansion B) rising; a recession C) falling; an expansion D) falling; a recession

What is the key feature shared by all oligopoly markets?

a. A large number of sellers. b. Mutual interdependence. c. Product differentiation. d. Easy entry and exit.