The lowest point on a perfectly competitive firm's short-run supply curve corresponds to the minimum point on its
A. AFC curve.
B. MC curve.
C. AVC curve.
D. ATC curve.
Answer: C
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The Law of Diminishing Marginal Returns states that:
A) successive increases in inputs eventually lead to less additional output. B) successive increases in product prices lead to a fall in revenue. C) the demand for a good decreases as the price of the good increases. D) the net benefits of a perfectly competitive firm decrease as more firms enter the market.
If the Japanese yen was 123 per dollar and now it is 114 yen per dollar, it can be said that
A) the yen has appreciated against the dollar. B) the yen has depreciated against the dollar. C) the dollar has appreciated against the yen. D) Both answers C and B are correct
The concept that increases in spending cause larger increases in equilibrium GDP is known as the
a. profiler. b. mystifier. c. multiplier. d. depreciator.
The changes contained in the 1986 and 1993 tax reforms
A. Reduced the variation in the nominal tax rates. B. Resulted in a top marginal tax bracket of 85 percent. C. Increased the variation in the effective tax rates. D. Broadened the tax base and also raised tax rates.