When marginal cost pricing occurs
A) price equals the additional cost society incurs in producing the next unit of an item.
B) the firm can only break even if it does not set price to marginal cost.
C) price equals average variable cost but exceeds average total cost.
D) the firm is at the shutdown point.
A
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In the short run, if marginal product is at its maximum, then
A) average variable cost is at its minimum. B) total cost is at its maximum. C) marginal cost is at its minimum. D) average cost is at its minimum.
An example of a time series data set is one for which the:
a. data would be collected for a given firm for several consecutive periods (e.g., months). b. data would be collected for several different firms at a single point in time. c. regression analysis comes from data randomly taken from different points in time. d. data is created from a random number generation program. d. use of regression analysis would impossible in time series.