Marginal cost is equal to average variable cost
A. when average variable cost is getting smaller.
B. when average cost is getting smaller.
C. when marginal cost is at its minimum value.
D. when average variable cost is at its minimum value.
Answer: D
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The working population of the United States is approximately
A. 160 million. B. 290 million. C. 340 million. D. 1.3 billion.
Earliest records of management (who does what) are found on the walls of cave dwellings in:
a. Siberia b. Rome c. Western Europe, most notably France d. Nigeria
If the price of inputs rises and foreign income rises:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls, and aggregate supply rises. d. Aggregate demand and aggregate supply rise. e. Aggregate demand and aggregate supply fall.
Potential output is:
A. equal to actual output. B. the same as the natural rate of unemployment. C. the maximum sustainable amount of output. D. also known as the output gap.