Which of the following is true in the short run at the output level where average total cost is at its minimum?
a. Marginal cost equals average total cost.
b. Average variable cost equals fixed cost.
c. Marginal cost equals average variable cost.
d. Average total cost equals average fixed cost.
e. Average total cost equals average variable cost.
A
Economics
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Which of the following statements is TRUE for the U.S. economy?
A) Supply of services always reflects all social costs. B) Demand for services always reflects all social costs. C) Private costs are not always equal to social costs. D) Social benefits are always emphasized in advertising.
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Automobiles create externalities because they are expensive and not everyone can afford the car they want.
Answer the following statement true (T) or false (F)
Economics