The marginal-cost curve intersects the average-total-cost curve at the minimum point of the average-total-cost curve
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. At the equilibrium outcome, the size of the economic pie will be
A) $350. B) $550. C) $650. D) $700.
Market equilibrium
i. can never occur because there are always people who want a good but cannot afford it. ii. occurs at the intersection of the supply and demand curves. iii. is the point where the price equals the quantity. A) ii only B) iii only C) ii and iii D) i only E) i and ii
In general in the U.S., persons classified as poor have money income that amounts to
A. less than half the median income. B. three quarters of the median income. C. the median income. D. half the median income.
If a monopolist engages in price discrimination, it is with the goal of:
a. improving goodwill with the public. b. increasing profit. c. lowering cost. d. making the demand for its good less elastic.