econ 202 quiz 9.3

if average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is

$700

which of the following statements is true?

INCORRECT ANSWER: the marginal cost curve intersects the average fixed cost curve at its minimum point

marginal cost is the

additional cost of producing an additional unit of output

in the long run,

all of the firm's costs are variable costs

the change in total variable cost which accompanies one extra unit of output is

marginal cost

which of the following statements is false?

marginal cost will equal average total cost when marginal cost is at its lowest point

the marginal cost curve intersects

the minimum of the average variable cost and average total cost curves

which of the following statements regarding the relationship between average and marginal costs is INCORRECT?

there is no way for average variable costs to fall when marginal costs are falling

average total cost is equal to

total cost divided by the level of output

which of the following statements is False part two?

when marginal cost equals average total cost, average total cost is at its highest value