Marginal cost is equal to ________ when ________ is minimized.
A. average variable cost; average fixed cost
B. average total cost; average variable cost
C. average fixed cost; average fixed cost
D. average variable cost; average variable cost
Answer: D
Economics
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The current price of blue jeans is $30 per pair, but the equilibrium price of blue jeans is $25 per pair. As a result,
a. the quantity supplied of blue jeans exceeds the quantity demanded of blue jeans at the $30 price. b. the equilibrium quantity of blue jeans exceeds the quantity demanded at the $30 price. c. there is a surplus of blue jeans at the $30 price. d. All of the above are correct.
Economics
The questions that an economic system attempts to solve include
A. what to produce. B. for whom items are produced. C. how to produce items. D. all of these.
Economics