The Minimum Points of the Average Variable Cost and Average

question 167

Multiple Choice

The minimum points of the average variable cost and average total cost curves occur where the

• A)marginal cost curve lies below the average variable cost and average total cost curves.
• B)marginal cost curve intersects those curves.
• C)average variable cost and average total cost curves intersect.
• D)slope of total cost is the smallest.

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Definitions:

Long-Term Memory

The aspect of memory capable of storing an unlimited amount of information for periods ranging from several minutes to a lifetime.

Procedural Memories

Memories of how things are done, such as riding a bike or playing an instrument, that are often recalled unconsciously.

Implicit Memories

Memories that influence our behaviors and knowledge without conscious awareness, such as procedural memories.

Elaborative Rehearsal

A technique for remembering information by relating it to already known information and concepts, enhancing its memorability.