In the above figure, the intersection of curves A and C is the point at which
A) average total cost is minimized.
B) average variable cost is minimized.
C) average fixed cost is minimized.
D) total product is maximized.
B
Economics
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In the above figure suppose a minimum wage of $8 per hour is imposed. As a result, the quantity of labor supplied is ________ hours and the quantity of labor demanded is ________ hours
A) 3,000; 4,000 B) 4,000; 4,000 C) 2,000; 4,000 D) 4,000; 2,000
Economics
Refer to Figure 14.2. The income effect of the wage decrease on the amount of hours of leisure is:
A) L0 to L1. B) L0 to L2. C) L1 to L2. D) L2 to L1. E) none of the above
Economics