The marginal cost intersects the average variable cost
A. and the average total cost through their upward-sloping sections.
B. in its upward-sloping section and the average total cost through its downward-sloping section.
C. through its minimum point and the average total cost through its maximum point.
D. and the average total cost through their minimum points.
Answer: D
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A "pure exchange economy" is one in which producers and consumers are evenly divided.
Answer the following statement true (T) or false (F)
If a macroeconomic model consists of upward-sloping short-run aggregate supply and downward-sloping aggregate demand, can it possibly generate a constant real GDP with no business cycles over time?
A) No, only a vertical short-run aggregate supply curve can produce that result. B) No, only a horizontal short-run aggregate supply curve can produce that result. C) Yes, but the short-run aggregate supply curve must never shift. D) Yes, if the aggregate demand and short-run aggregate supply curves shift in perfect unison.
A pure monopolist is selling 7 units at a price of $12. If the marginal revenue of the 8th unit is $4, then the price of the 8th unit is
A) $10. B) $11. C) greater than $12. D) $4.
What is the future value of $1,000 after six months earning 12% annually?
A. $1,050.00 B. $1,058.30 C. $1,060.00 D. $1,120.00