Which of the following is true at the output level where average total cost is at its minimum?
A) Marginal cost equals average total cost.
B) Average variable cost equals fixed cost.
C) Marginal cost equals average variable cost.
D) Average total cost equals average fixed cost.
Answer: A
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According to Douglass North, the Industrial Revolution occurred in England because
A) the British Parliament instituted a command economy structure and implemented a planned economy. B) the British courts became tied to the king and began to refuse to enforce property rights. C) the British Parliament took control of the government and could credibly commit to upholding property rights. D) the British monarchy took control of the government and pledged not to raise taxes arbitrarily.
Explain the difference between diminishing returns to labor and diminishing marginal returns to labor
What will be an ideal response?