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The following graph shows the market demand and marginal revenue (MR) curves Clomper's faces, as well as its marginal cost (MC), which is constant at pair of Stompers. For simplicity, assume that fixed costs are equal to zero; this, combined with the fact that Comper's marginal cost is constant, means that its marginal cost curve is also equal ...
Business. Economics. Economics questions and answers. When marginal cost curve is below an average cost curve, average cost is:Multiple Choiceincreasing with output.declining with output.not varying with output.None of the statements is correct.
Question: The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average variable cost (AVC) curve, and the marginal revenue (MR) curve (which is also the market price) for a perfectly competitive firm that produces inorganic coffee beans. Answer the three accompanying questions, assuming that the firm is profit ...
Economics questions and answers. The graph shows the marginal cost curve, average total cost curve, demand curve, and marginal revenue curve of a firm in monopolistic competition in long-run equilibrium. Draw a point at the firm's profit-maximizing output and price. Label it 1. Draw a point to indicate the firm's efficient scale and its average ...
A firm's marginal cost curve above the average variable cost curve is equal to the firm's individual supply curve. This means that every time a firm receives a price from the market it will be willing; When the marginal cost curve lies below the average cost curve, _____. a. the average cost curve slopes downward. b.
See Answer. Question: d. The area under the marginal cost curve measures total variable costs. True or false? If the average cost curve is U-shaped, then the marginal cost curve must cross the average cost curve at the bottom of the U. True or false? e. f. As long as the marginal cost of production is greater than the average variable cost, the ...
total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal cost of the 3rd unit of ...
The marginal cost curve crosses the ________________ at its lowest point. Select the two correct answers below. Select all that apply: average variable cost curve. average fixed cost curve. average total cost curve. average marginal cost curve. Show transcribed image text. There are 2 steps to solve this one.
Our expert help has broken down your problem into an easy-to-learn solution you can count on. Question: The marginal cost curve intersects: Group of answer choices The average fixed cost curve at its maximum point. The average variable cost and average total cost curves at their minimum points. The total cost curve and the total variable cost ...
Solution. 100% (2 ratings) Ans 1 A and B both are correct The marginal price curve intersects both the common variable fee curve and (short-run) common overall fee curve at their minimum points. When the marginal price curve is above an common price curve the common curve is …. View the full answer.