The marginal cost curve crosses
a. only the average variable cost curve at its bottom.
b. both the average cost curve and the average variable cost curve at their bottoms.
c. only the average cost curve at its bottom.
d. the marginal product curve at its maximum.
b. both the average cost curve and the average variable cost curve at their bottoms.
You might also like to view...
The steps in the process of commercial bank lending in order are
A) borrower bank search, credit analysis, borrower-bank negotiation, bank funding. B) borrower bank search, borrower-bank negotiation, credit analysis, bank funding. C) credit analysis, borrower bank search, borrower-bank negotiation, bank funding. D) borrower-bank negotiation, borrower bank search, credit analysis, bank funding.
Scarcity has no importance to understanding economics
a. True b. False Indicate whether the statement is true or false
A change in aggregate expenditures for reasons other than the price level will shift the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
A perfectly competitive firm should hire additional units of labor in a competitive labor market if
a. marginal revenue is less than marginal cost b. the marginal revenue product exceeds the wage rate c. total revenue exceeds total cost d. the marginal product of labor exceeds the wage rate e. the marginal product of labor is less than the wage rate