The marginal cost curve crosses
a. both the average total cost and average variable cost curves at their respective minimum points
b. the average total cost curve at its minimum point, and the average variable cost curve at its maximum point
c. the average total cost curve and the average variable cost curves at the same output level
d. both the average total cost and average variable cost curves at their respective maximum points
e. the average total cost curve at its maximum point, and the average variable cost curve at its minimum point
A
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Natural barriers to entry arise when, over the relevant range of output, there
A) are diseconomies of scale. B) are constant returns to scale. C) are several firms who produce at the lowest average cost. D) are economies of scale. E) is one firm that owns a key natural resource.
Many external costs occur because
a. people do not pay the true cost of using a resource. b. people do not pay the private cost of using a resource. c. companies do not pay the market price for natural resources. d. companies pay more than the true cost of using a resource.