Marginal cost is _____________ average variable cost when _________________. Group of answer choices a) greater than;...
Marginal cost is _____________ average variable cost when _________________.
Group of answer choices
a) greater than; average fixed cost is minimized.
b) equal to; average total cost is minimized
c) less than; total cost is maximized
d) equal to; average variable cost is minimized
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Marginal cost is _____________ average variable cost when
_________________.
Group of answer choices
a) greater than;...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is ...
a) Increasing returns to scale (also known as economies of scale) occurs when average cost is [CHOOSE] ["minimized", "steady", "rising", "maximized", "falling"] . b) Decreasing returns to scale (diseconomies of scale) occurs when average cost is [CHOOSE] ["maximized", "minimized", "falling", "steady", "rising"] . c) When marginal...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that is marginally lower than the average total cost of production. Any price as long as average total cost is greater than marginal cost. A price that is marginally higher than the average total cost of production A price that is equal to the marginal cost of production. 2. If the government wants a natural monopolist to achieve allocative efficiency, the government should Group of...
If marginal cost is below average variable cost OA) average variable cost is less than average...
If marginal cost is below average variable cost OA) average variable cost is less than average fixed cost. B) average total cost is increasing but average variable cost is decreasing. OC) both average total cost and average variable cost are increasing. D) both average total cost and average variable cost are decreasing.
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1...
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
1)In the U.S. a drug company’s patent remains in force for: Group of answer choices a)10...
1)In the U.S. a drug company’s patent remains in force for: Group of answer choices a)10 years. b)25 years. c)70 years. d)20 years. 2)When a natural monopoly exists in a given industry, the per-unit costs of production will be Group of answer choices a)lower for the smaller firms than for larger firms. b)lowest when there are a large number of producers in the industry. c)lowest when a single firm generates the entire output of the industry. d)minimized at the output...
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
QUESTION 3 When average total cost is at its minimum: a. marginal cost is equal to...
QUESTION 3 When average total cost is at its minimum: a. marginal cost is equal to average total cost b. average variable cost plus average fixed cost is declining with increases in output c. marginal cost is equal to average variable cost d. average total cost is equal to average variable cost e. average variable cost is declining with increases in output
If there is a market outcome in which the marginal benefit to consumers of the last...
If there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost, then A. maximum deadweight loss occurs. B. profits are maximized. C. allocative efficiency is achieved. D. costs are minimized. Also, A. deadweight loss is less than zero. B. consumer surplus equals producer surplus. C. quantity demanded is greater than quantity supplied. D. total economic surplus is maximized.
Assuming there are no step-fixed costs, if marginal cost is greater than marginal revenue, the following...
Assuming there are no step-fixed costs, if marginal cost is greater than marginal revenue, the following must be true in order to break-even (select one): A. Fixed costs must be more than fixed revenues B. Fixed costs must be less than fixed revenues C. Cannot tell from the information given D. Fixed costs must be equal to fixed revenues
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
If marginal cost is below average variable cost OA) average variable cost is less than average fixed cost. B) average total cost is increasing but average variable cost is decreasing. OC) both average total cost and average variable cost are increasing. D) both average total cost and average variable cost are decreasing.
Questions 1- 10 refer to the short-run total and variable cost curves shown in Figure 1 Figure 1 1. In Figure 1, at output 0B, line segment HK equals A. average fixed cost. B. fixed cost. C. average total cost. D. marginal cost. E. total cost. NC 2. According to Figure 1, the marginal cost curve cuts the average total cost curve at output 3. Average total cost is minimized in Figure 1when output equals 4. Marginal cost is minimized...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
QUESTION 3 When average total cost is at its minimum: a. marginal cost is equal to average total cost b. average variable cost plus average fixed cost is declining with increases in output c. marginal cost is equal to average variable cost d. average total cost is equal to average variable cost e. average variable cost is declining with increases in output
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