In the short run, if the average total cost of producing 4,000 shoes is $10 and the average total cost of producing 7,000 shoes is $9, then the most efficient point of production occurs at a quantity at least as great as 7,000

Describe the single supervisory mechanism or SSM proposed by EU leaders in June of 2012

What will be an ideal response?

Answer the following questions true (T) or false (F)

1. The long run average cost curve is also known as the planning curve. 2. The long run equilibrium of the firm under conditions of perfect competition will occur at that output level where the product price is equal to both the firm's marginal and average total costs. 3. An isoquant reflects the combination of products that minimizes the cost of production.