The marginal cost curve always intersects the average total cost curve at the point at which the average total cost curve
A) is zero.
B) is at its minimum.
C) is at its maximum.
D) has a vertical slope.
Answer: B
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Suppose the president of a college argues that a 25 percent tuition increase will raise revenues for the college. It can be concluded that the president thinks that demand to attend this college is:
a. elastic. b. inelastic, but not perfectly inelastic. c. unitary elastic. d. perfectly elastic.
The smaller U.S. mainframe computer and peripheral equipment manufacturers of the 1960s (the "Bunch") were perfect competitors, since they produced homogenous products and had little control over the market price
Indicate whether the statement is true or false
A market in which resources are traded is known as a(n)
a. factor market b. perfectly competitive market c. open market d. closed market e. equilibrium market
Mortgage amortization is a plan to
A. reduce the borrower's original debt over a specified period of time. B. increase the borrower's marginal income tax rate over a specified period of time. C. reduce the borrower's original equity in the home over a specified period of time. D. pay off exactly 80% of the value of the home over a specified period of time.