The marginal cost curve intersects the ATC at the _____________ point of the ATC curve.
Fill in the blank(s) with the appropriate word(s).
minimum point
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If the price elasticity of demand is greater than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is zero.
Let us define the real wage as the purchasing power of one hour of labor. In the Ricardian 2X2 model, if two countries under autarky engage in trade then
A) the real wage will not be affected since this is a financial variable. B) the real wage will increase only if a country attains full specialization. C) the real wage will increase in one country only if it decreases in the other. D) the real wage will rise in both countries. E) the real wage will fall under pressure of international competition.
Demand is given by QD = 620 - 10•P and supply is given by QS = 100 + 3•P. What is the price and quantity when the market is in equilibrium?
a. The price will be $30 and the quantity will be 132 units. b. The price will be $11 and the quantity will be 122 units. c. The price will be $40 and the quantity will be 220 units. d. The price will be $35 and the quantity will be 137 units e. The price will be $10 and the quantity will be 420 units.
Since countries differ in the amount of economic activity that is transacted in organized markets,
a. some countries are more productive than others. b. persons live better in some countries than others. c. international comparisons of per capita GDP are often misleading. d. comparisons between countries are totally impossible.