At what point does the marginal cost curve cross the average total cost curve?
a. at the lowest point on the ATC curve
b. when ATC is near, but not at, zero
c. when diminishing marginal product sets in
d. at the highest point on the MC curve
a. at the lowest point on the ATC curve
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If the government removes a binding price ceiling in a market, then the producer surplus in that market will increase
a. True b. False Indicate whether the statement is true or false
Which of the following expressions is correct?
a. marginal cost = (change in quantity of output)/(change in total cost) b. average total cost = (total cost)/(quantity of output) c. total cost = variable cost + marginal cost d. average variable cost = (quantity of output)/(total variable cost)
The additional income from selling one more unit of a good:
a. increasing marginal returns b. total cost c. marginal revenue d. marginal product of labor e. marginal cost
If aggregate demand increases and aggregate supply decreases, the price level:
A. will decrease, but real output may increase, decrease, or remain unchanged. B. will increase, but real output may increase, decrease, or remain unchanged. C. and real output will both increase. D. and real output will both decrease.