When average variable cost is at its minimum, it is equal to the marginal cost of production at that level of output

Indicate whether the statement is true or false


T

Economics

You might also like to view...

If the quantity of money supplied is greater than the quantity of money demanded, then the

A) price of financial assets falls. B) money supply decreases. C) nominal interest rate rises. D) nominal interest rate falls. E) price level falls.

Economics

The International Maritime Bureau said the waters off Somalia are the world's most dangerous, accounting for nearly a third reported pirate attacks worldwide. Suppose all boats are insured to $100,000 and pay a premium of $10,000 each

Suppose 10 out of 100 boats are attacked by pirates and these 10 file claims with their insurance. If the insurance company's only costs are the claims it must pay, has the insurance company earned an economic profit? A) Yes, they earned an economic profit of $90,000. B) No, they broke even. C) No, they sustained an economic loss of $90,000. D) Yes, they earned an economic profit of $1,000,000.

Economics

Any risk-averse individual would always

A) take a 10% chance at $100 rather than a sure $10. B) take a 50% chance at $4 and a 50% chance at $1 rather than a sure $1. C) take a sure $10 rather than a 10% chance at $100. D) take a sure $1 rather than a 50% chance at $4 and a 50% chance at losing $1. E) do C or D above.

Economics

Dumping refers to selling a product abroad for less than the cost of production

a. True b. False

Economics