In the derivation of AVC, to find its minimum, you need
A. The flattest slope on the TC.
B. the minimum-slope ray out of the origin to the A.
C. the minimum-slope ray out of the origin to the TVC.
D. the minimum-slope ray out of the origin to the TC.
Answer: C
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In the 1850s, the proportion of silver in the currency supply fell, and the proportion of gold rose. This is an illustration of :
a. the quantity theory of money. b. Gresham's law. c. Say's law. d. the Walrasian auctioneer. e. none of the above.
If a competitive price-taker firm is currently producing a level of output at which marginal revenue exceeds marginal cost, then
a. a one-unit increase in output will increase the firm's profit. b. a one-unit decrease in output will increase the firm's profit. c. total revenue exceeds total cost. d. total cost exceeds total revenue.