When several resources are combined in the production of a good,
a. it is easy to determine the marginal products of the various resources
b. the marginal contribution of each input often cannot be observed
c. allocating revenue among the various resources is easy
d. there is more competition for each of the resources used
e. there is less competition for each of the resources used
B
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The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve,
below the average total cost curve, or intersecting the average total cost curve?
A firm is producing the profit-maximizing amount of output when it is producing where its ________ curve intersects its ________ curve
A) MC; MR B) MC; AVC C) MC; ATC D) MC; TR