Average total costs are minimized when:
A. marginal costs begin to increase.
B. marginal costs begin to decrease.
C. marginal cost is greater than average total cost.
D. marginal cost equals average total cost.
Answer: D
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The velocity of circulation is defined as the
A) average number of times in a year that each dollar is used to buy goods and services. B) price level obtained when the money market is at its equilibrium. C) quantity of money demanded at equilibrium. D) speed with which changes in the interest rate spread throughout the economy. E) quantity of money supplied by the Fed.
The demand for slaves was increasing more rapidly in cities than on plantations
Indicate whether the statement is true or false
Based on the information in Scenario 15.7, if you expect the price to be $21 next year, you should
A) keep the wine in barrels until next year no matter what the interest rate. B) keep the wine if interest rates are above 5%. C) keep the wine if interest rates are below 5%. D) sell the wine now. E) do nothing until you know what the interest rate is going to be for the following year.
In efficient markets, profit opportunities are quickly eliminated as they develop.
Answer the following statement true (T) or false (F)