The Marginal Cost Curve Intersects the ________ Curves at Their

question 11

Essay

The marginal cost curve intersects the ________ curves at their ________ points.
A) average total cost and average fixed cost; minimum
B) average product and marginal product; maximum
C) average variable cost and total variable cost; maximum
D) average total cost and average variable cost; minimum
E) average product and marginal product; minimum

• A) average total cost and average fixed cost; minimum
• B) average product and marginal product; maximum
• C) average variable cost and total variable cost; maximum
• D) average total cost and average variable cost; minimum
• E) average product and marginal product; minimum

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Definitions:

Market Price

The ongoing price level for buying or selling an asset or service in the open market.

Market Output

The total quantity of goods and services produced and offered for sale in a market.

External Benefits

Positive effects experienced by third parties as a result of an economic transaction not directly involved.

Efficient Outcome

A situation in which no individual can be made better off without making someone else worse off, typically referring to an optimal allocation of resources.