The smallest quantity of output at which long-run average cost is at a minimum is a firm's ________
A) maximum efficient scale
B) profit-maximizing output point
C) minimum efficient scale
D) efficient output point
C
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At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $30 to play, would an individual gain or lose from playing the game?
a. Gain b. Lose c. Breakeven-neither gain nor lose d. None of the above
An increase in the price of a particular good, with all other variables constant, causes
a. a movement along a given supply curve to a lower quantity supplied b. a shift to a different supply curve with lower quantities supplied c. a movement along a given supply curve to a higher quantity supplied d. a shift to a different supply curve with higher quantities supplied e. no movement along a given supply curve unless demand also changes