Average total cost:
A. is the sum of average fixed costs and average variable costs.
B. is total cost divided by total output.
C. is minimized when it equals marginal cost.
D. All of these are true.
D. All of these are true.
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The ability to share work and share risk is an advantage for
A) partnerships. B) sole proprietorships and partnerships. C) sole proprietorships. D) sole proprietorships and corporations
In economics, the concept of opportunity cost is:
a. negated by ensuring that the government has a role in a capitalist society. b. defined to be the highest-valued alternative that must be forgone when a choice is made. c. best illustrated by knowing why consumers choose one good over another. d. quantifiable only if you know the real dollar price of the goods and services you are giving up to consume something. e. the methodology that government economists use to determine the total amount of the national debt.
What is the term referring to the situation when a central bank makes short-term loans available in situations of severe financial panic or stress?
a. deposit insurance b. lender of last resort c. reserve insurance d. Fed loans
Refer to Figure 11.3. Assume aggregate demand is represented by AD2 and full-employment output is $5.8 trillion. If aggregate demand decreases by the amount of the AD Excess, equilibrium will occur at
A. Point a. B. Point b. C. Point c. D. Point d.