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