Consider the Following Statements When Answering This Question: I

question 90

Multiple Choice

Consider the following statements when answering this question: I. The marginal cost curve intersects the average total cost and average variable cost curves at their minimum values.
II) When a firm has positive fixed costs, the output level associated with minimum average variable costs is less than the output associated with minimum average total costs.

• A) I is true, and II is false.
• B) I is false, and II is true.
• C) I and II are both true.
• D) I and II are both false.

---

Definitions:

Flexible Manufacturing Systems

describe highly automated manufacturing processes that can be rapidly adapted to produce different products or product variants, maximizing efficiency and minimizing production times.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, within an economy or a specific sector.

Steel Manufacturer

A company involved in the production and processing of steel, an alloy of iron and carbon, for various industrial uses.

Jewelry Manufacturer

A business or enterprise that specializes in the production and fabrication of jewelry articles using various materials, techniques, and designs.