The minimum-cost output is the quantity corresponding to the minimum point of the:
a. marginal cost curve.
b. marginal product curve.
c. average variable cost curve.
d. average total cost curve.
Answer: d. average total cost curve.
Economics
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Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs. B) marginal costs. C) fixed costs. D) average costs.
Economics
For which of the following does a consumer have the most options if he or she waits a while after a price change?
a. salt
b. gasoline
c. medical care and hospitalization
d. china, glassware
Economics