Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
a. greater than the average variable cost.
b. less than the average variable cost
c. equal to the average variable cost.
d. at its minimum.
c
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As of the end of 1994, which of the countries in our survey had the closest match in size between its stock and banking markets?
A) The United Kingdom B) The United States C) Japan D) Germany
Government decision makers worldwide are concerned with the excessive growth in medical care spending. When looking for areas to cut, they typically rely on the low-hanging fruit, which includes:
a. surgeries treating acute conditions that are not life threatening. b. end-of-life care. c. pharmaceutical drugs targeting chronic conditions. d. preventive care. e. basic diagnostic screenings.
Trade-offs arising from limited resources give rise to:
a. rational self-interest b. opportunity costs c. unlimited wants d. scarce resources
The additional cost incurred by using an additional unit of the managerial control variable is defined as the:
A. total cost. B. net benefit. C. net cost. D. marginal cost.