If marginal cost equals average total cost:
A. average total cost is minimized.
B. average variable cost is falling.
C. marginal cost is minimized.
D. average variable cost is minimized.
Answer: A
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If the price of the good measured along the vertical axis increases without a change in the price of the good measured along the horizontal axis, the consumer's budget constraint:
A) pivots rightward without a change in the intercept on the horizontal axis. B) pivots leftward without a change in the intercept on the horizontal axis. C) shifts to the right. D) shifts to the left.
A market demand curve:
a. is the sum of the demand curves of all the individuals in a particular market. b. is determined by the demand of those who purchase in quantity. c. is always horizontal. d. cannot be estimated. e. never includes demand by the government.
Which of the following is true? a. Price leadership is a form of explicit collusion
b. Price leadership is more likely when there are a substantial number of roughly equally sized firms in oligopoly. c. A price leader is most likely to be a dominant firm in an industry. d. None of the above is true.
The tendency of the prices of identical baskets of goods across countries to converge: a. Is weaker to the extent the countries compared have substantial tariffs on imported goods. b. Is weaker to the extent the countries compared have limiting quotas on imported goods. c. Is weaker for goods and services not traded internationally
d. All of the above are true.