If Average Cost Is Constant for All Levels of Output

question 46

Multiple Choice

If average cost is constant for all levels of output:

• A)the marginal cost curve will intersect the average cost at a single point, the minimum of average cost.
• B)marginal cost will be equal to average cost for all levels of output.
• C)marginal cost will be above average cost when average cost is increasing and marginal cost will be below average cost when average cost is decreasing.
• D)marginal cost will have a region of diminishing marginal cost.

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Definitions:

Essential-trait Approach

A theory in personality psychology focusing on a limited number of core traits that define and predict individual behavior.

Single-trait Approach

A methodology in personality psychology that focuses on how one specific trait influences a broad range of behaviors.

Many-trait Approach

A method in personality psychology that examines the correlation between a wide range of traits and specific behaviors.

Typological Approach

A method in psychology that categorizes individuals based on specific characteristics or types, rather than along continuous dimensions.