If the Average-Total-Cost of Producing Five Units Is $10, and the Marginal-Cost

question 192

True/False

If the average-total-cost of producing five units is $10, and the marginal-cost of producing the fifth unit is $10, then the average-total-cost curve is at its minimum at five units.​

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Definitions:

Representativeness Bias

A cognitive bias where individuals judge the probability of an event by how much it resembles their existing stereotypes or expectations, rather than based on actual statistical evidence.

Self-fulfilling Prophecy

A belief or expectation that an individual holds that comes true because he or she acts in ways that support or lead to its fulfilment.

Discrimination

The unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, sex, or disability.

Stereotype

A fixed overgeneralized belief about a particular group or class of people.