The marginal cost curve passes through the ________ points of the ________ cost curve and the ________ cost curve
A) minimum; average total; average variable
B) minimum; average total; average fixed
C) maximum; total cost; total variable
D) minimum; average variable; average fixed
A
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The individual transferrable quota system (ITQ) used to control overfishing is a variation of
A) the tragedy of the commons. B) a prisoner's dilemma game. C) the cap-and-trade system. D) a negative externality.
Consider the budget line in the above figure. If the price of a magazine is $4, then the price of a hamburger is
A) $1.75. B) $3.00. C) $4.00. D) $5.33.
Current account transactions are payments and gifts that are related to the purchase or sale of
A) financial instruments only. B) both goods and services. C) goods only. D) services only.
Excess capacity typically occurs
a. in the short run in perfect competition b. in the short run in monopolistic competition c. in long-run equilibrium in perfect competition d. in long-run equilibrium in monopolistic competition e. usually in markets experiencing an increase in demand