The output level at which a firm's long-run average total cost is minimized is known as its
a. profit-maximizing output level
b. long-run marginal cost
c. minimum efficient scale
d. revenue maximization level
e. equilibrium cost structure
C
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When voting systems fall short of the ideal by violating the principle of transitivity, the ____________ is sometimes crucial in shaping the final outcomes.
A. order in which voters get to cast their votes B. order in which the votes get tallied C. power to set the agenda D. ability to say how much one option is preferred over others
If a person wishes to maximize their satisfaction from the consumption of a free product, they should consume until
A. marginal utility is maximized. B. marginal utility is equal to total utility. C. total utility is equal to zero. D. marginal utility is equal to zero.