The marginal cost curve intersects the ________ curves at their ________ points
A) average total cost and average fixed cost; minimum
B) average product and marginal product; maximum
C) average variable cost and total variable cost; maximum
D) average total cost and average variable cost; minimum
E) average product and marginal product; minimum
D
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The probability of an outcome
A) is the number of times that the outcome occurs in the long run. B) equals M × N, where M is the number of occurrences and N is the population size. C) is the proportion of times that the outcome occurs in the long run. D) equals the sample mean divided by the sample standard deviation.
Refer to Table 4.1. If Mike starts with 3 CDs and 2 economics books, would he be willing to trade one CD for an economics book?
A. Yes, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
B. No, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
C. Yes, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
D. No, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books