The Firm's Average Cost Curve Is the Result of Cost

question 209

True/False

The firm's average cost curve is the result of cost minimization in the use of fixed inputs.

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Definitions:

Observable Behavior

Any action or reaction of a person or animal that can be directly seen or measured.

Cognitive Processes

Mental activities that include thinking, understanding, learning, and remembering.

Introspection

Deliberate looking into one’s own cognitive processes to examine one’s thoughts and emotions.

Continuous Reinforcement

A schedule of reinforcement in which every correct response is reinforced.