Use the following figure to answer the next question.
At which point is marginal cost (MC) at its minimum?
A. Point A
B. Point B
C. Point C
D. Point D
Answer: A
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A measure of the responsiveness of quantity supplied to changes in price is known as _____
a. cross-price elasticity b. price elasticity of demand c. price elasticity of supply d. income elasticity e. point elasticity
The total factor productivity of an economy is the ratio of the economy's _____
a. total income to its total population b. output to its total stock of labor and capital c. stock of capital to its stock of labor d. total population to its total labor force e. total capital stock to its total population
If there is a shortage in the market for loanable funds, what happens to desired saving and desired investment as the interest rate moves to its equilibrium value?
a. desired saving and desired investment both fall b. desired saving and desired investment both rise c. desired saving falls and desired investment rises d. desired saving rises and desired investment falls
Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and has average variable costs of $150. The firm's total fixed costs are:
A. $500. B. $50. C. $5,000. D. $.50.