The marginal cost curve intersects the average total cost curve (ATC)
a. at the ATC's minimum point
b. only when the ATC is sloping upward
c. at the ATC's maximum point
d. only when the ATC is sloping downward
e. when the ATC intersects the fixed cost curve
A
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Which of the following is a characteristic of an oligopolistic market? a. Firms sell homogeneous products
b. Firms enjoy unlimited market power. c. There is only one product. d. Decision making by firms is highly interdependent.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the result is a shortage of labor
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true of a country that has a gold standard exchange rate system?
A. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to increase the price of gold. B. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to decrease the price of gold. C. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to reduce its money supply. D. A country running a deficit in its balance of payment would experience an outflow of gold which would force it to increase its money supply.
The supply curve of loanable funds is upsloping because:
A. businesses find more investments to be profitable at low interest rates than at high interest rates. B. government budget deficits vary inversely with the equilibrium interest rate. C. households are willing to save more at high interest rates than they are at low interest rates. D. banks lend more at low interest rates than they do at high interest rates.