Each potential short-run average total cost curve is tangent to the long-run average cost curve at:
a. the level of output that minimizes short-run average total cost.
b. the minimum point of the average total cost curve.
c. the minimum point of the long-run average cost curve.
d. a single point on the short-run average total cost curve.
d
You might also like to view...
A seller cannot mislead purchasers of a(n) ________ good more than ________.
A) experience; once B) experience; twice C) inspection; twice D) inspection; once
An individual's wealth constraint is determined by
a. the individual's level of education b. the facts that wealth is given and so she must give up one kind of wealth in order to acquire another c. overall conditions in the economy d. the amount of wealth the individual chooses to hold in the form of money e. the value of corporate stock
For collusion to make sense, the payoff matrix must be a
A. positive-sum game. B. zero-sum game. C. negative-sum game. D. negative-positive-sum game.
Risk pooling:
A. gathers individuals with similar risks and pools them together. B. reallocates the costs of catastrophes when they occur. C. reallocates the likelihood of catastrophes happening. D. diversifies the risk of catastrophes occurring.