A firm will produce at the point where their total cost line hits the ___________ isoquant curve.
Fill in the blank(s) with the appropriate word(s).
Ans: maximum
You might also like to view...
The total revenue test says that if a price decrease leads to
A) an increase in total revenue, demand is income elastic. B) a decrease in total revenue, demand is income inelastic. C) a decrease in total revenue, demand is price inelastic. D) a decrease in total revenue, supply is price inelastic. E) a decrease in total revenue, supply is price elastic.
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A. W = 0.02Q - 500 B. W = 0.02Q + 500 C. W = 25,000 - 50Q D. W = 200Q + 50,000
The term "value added" is used to describe:
a. the increase in the value of a product that occurs at each stage of production. b. the amount subtracted from the value of goods because of inflation. c. the total value of all intermediate goods used in the production of the final good. d. the amount paid in the final sale of a product or service. e. the amount subtracted from the value of resources because of depreciation.
The average-fixed-cost curve
a. is constant. b. is always decreasing. c. intersects marginal cost at the minimum of average fixed cost. d. intersects marginal cost at the minimum of marginal cost.