When the average total cost is at its minimum, it is:
a. equal to average variable cost.
b. greater than marginal cost.
c. equal to average fixed cost.
d. equal to marginal cost.
e. less than marginal cost.
d
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Scarcity:
a. exists because resources are unlimited while human wants are limited. b. means we are unable to have as much as we would like to have. c. will likely be eliminated as technology continues to expand. d. is not an issue addressed in economics.
Which of the following is not a lower-cost benefit of an internal labor market?
A. Promoting only insiders to higher-level jobs B. The cultivation of long-term employee motivation C. Management's ability to learn about employees' best attributes D. The development of firm-specific human capital
Suppose the price elasticity of demand for bread is 0.20. If the price of bread falls by 10 percent, the quantity demanded will increase by:
A. 2 percent and total expenditures on bread will rise. B. 2 percent and total expenditures on bread will fall. C. 20 percent and total expenditures on bread will fall. D. 20 percent and total expenditures on bread will rise.
In the aggregate expenditure model, which of the following variables is assumed to be independent of real GDP?
A. Profit B. Saving C. Investment D. Consumption