Which of the following statements is correct?
A) Average variable costs always exceed average total costs.
B) Average fixed costs are constant.
C) Average variable cost reaches its minimum when average product equals its maximum.
D) Average fixed costs are always less than average variable costs.
Answer: C
You might also like to view...
Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleRuby's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120102408080201601204030801600400The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1, 8 B. 1, 4 C. 1/8, 1 D. 1/8, 2
Per capita real GDP is a measure of
A) productive activity. B) economic welfare. C) cost of living standards. D) cultural harmony.
Which were among the important reforms of the banking system that resulted from the financial crisis of the 1920 and 1930s?
a. the Glass-Steagall Act b. the prohibition of interest payments on bank deposits c. the separation of commercial banking from investment banking d. All of the above are correct. e. Only a and c are correct.
Marginal land is land
a. that is unprofitable under any circumstances. b. that is the most productive in the area. c. that is on the borderline of profitability. d. of average productivity.