The marginal cost curve intersects the average variable cost curve at the _______ value of the average variable cost curve.
A) maximum
B) minimum
C) zero
D) average
B) minimum
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The primary function of the reserve requirements imposed by the Fed upon commercial banks is to
A) assure that Federal Reserve Banks will receive deposits with which they can purchase income-earning assets. B) enable the government to borrow in emergencies. C) protect the liquidity of the banking and monetary system. D) protect the solvency of the commercial banking system. E) serve as a control lever for central banking authorities.
The misperceptions theory was originally proposed by ________ and rigorously formulated by ________
A) Milton Friedman; Robert Lucas B) John Maynard Keynes; Robert Solow C) Edward Prescott; Robert King D) James Tobin; Greg Mankiw
Which of the following is true in long-run equilibrium for a firm in a monopolistic competitive industry?
A) The demand curve is tangent to marginal cost curve. B) The demand curve is tangent to average cost curve. C) The marginal cost curve is tangent to average cost curve. D) The demand curve is tangent to marginal revenue curve.
What role does population growth play in economic development?