The output level at which a firm's long-run average total cost is minimized is known as its
a. profit-maximizing output level
b. long-run marginal cost
c. minimum efficient scale
d. revenue maximization level
e. equilibrium cost structure
C
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If tastes are homothetic, there exists a utility function that represents those tastes and that gives rise to an expenditure function which is homogeneous of degree 1 in utility.
Answer the following statement true (T) or false (F)
Would it make sense to buy a house when mortgage rates are 14% and expected inflation is 15%? Explain your answer
What will be an ideal response?
An expenditure maximizing multi-product firm will set the same relative prices as a welfare maximizing firm
Indicate whether the statement is true or false
A recent research signified the large health benefits of eating cooked tomatoes. Holding other things constant, this will cause
a. The demand curve for tomatoes to shift to the right b. The demand curve for tomatoes to shift to the left c. The supply curve for tomatoes to shift to the right d. The supply curve for tomatoes to shift to the left