In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the maximum of the total product curve.
B) at a lower level of output than the minimum point of the average variable cost.
C) at a larger level of output than the minimum point of the average variable cost.
D) at the same level of output as the minimum point of the average variable cost.
C
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Economics is best defined as
A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.
Which of the following does not represent a tradeoff facing a consumer?
a. choosing to purchase more of all goods b. choosing to spend more time on leisure and less time on work c. choosing to spend more now and consume less in the future d. choosing to purchase less of one good in order to purchase more of another good