Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478For the output levels in Table 21.4, the minimum of the average variable cost curve occurs at a production rate of
A. Zero units per day.
B. 4 units per day.
C. 2 units per day.
D. 3 units per day.
Answer: C
You might also like to view...
Okun's law summarizes the relationship between
A) unemployment and inflation. B) potential GDP and real GDP. C) potential GDP and the deviation from potential GDP. D) the output gap and the cyclical rate of unemployment.
An increase in demand for chocolate chips results in a(n)
a. higher equilibrium price and a lower equilibrium quantity b. lower equilibrium price and a lower equilibrium quantity c. lower equilibrium price and a higher equilibrium quantity d. higher equilibrium price and a higher equilibrium quantity e. increase in the supply of chocolate chips
The birth rate in most LDCs is _____ than in most industrial countries.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is correct?
A. The operation of a market system eventually results in an equal distribution of income B. Producers are "sovereign" in a market economy because they determine what is produced C. The market system is efficient at allocating resources, but not at allocating products D. Freedom of choice and enterprise are essential elements of the market system