Average total cost and average variable cost are minimized at the same level of output.
Answer the following statement true (T) or false (F)
False
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What is productive efficiency?
A) a situation in which firms produce as much as possible B) a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it C) a situation in which resources are allocated such that goods can be produced at their lowest possible average cost D) a situation in which resources are allocated to their highest profit use
When supply and demand for a product decrease simultaneously, we
A) can predict that both equilibrium price and quantity will increase. B) can predict that both equilibrium price and quantity will decrease. C) cannot predict equilibrium price, but know that equilibrium quantity will decrease. D) cannot predict the change in either the equilibrium quantity or equilibrium price.
The existence of the “underground economy” causes measured GDP to overestimate actual output.
Answer the following statement true (T) or false (F)
Deflation compounds information problems because it:
A. increases a company's net worth. B. always harms lenders. C. tends to understate a company's assets and overstate their liabilities. D. reduces the dollar value of assets while the dollar value of liabilities stays constant.