If average variable cost exceeds average fixed cost at a particular level of output:
a. Profits must be positive
b. That fact is meaningless for deciding the quantity of output to produce.
c. It is more likely that the output level is low relative to the designed capacity of the production facility than that the output level is low relative to the designed capacity of the production facility.
d. Both b and c. are likely true.
b
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The opportunity cost of going to the movies is always the same for everyone
a. True b. False Indicate whether the statement is true or false
The tools of Fed monetary policy, in order from most frequently to least frequently used, are
a. open market operations, discount rate changes, and legal reserve requirement changes b. open market operations, legal reserve requirement changes, and discount rate changes c. discount rate changes, legal reserve requirement changes, and open market operations d. legal reserve requirement changes, open market operations, and discount rate changes e. legal reserve requirement changes, discount rate changes, and open market operations