In the Short Run,marginal Cost Is Minimized When

question 27

Multiple Choice

In the short run,marginal cost is minimized when

• A) MP_L is maximized.
• B) MP_L equals zero.
• C) AP_L is maximized.
• D) AP_L equals zero.

---

Definitions:

Expenditure Curves

Graphical representations that show how changes in income affect spending.

Monopsonist

A market condition where there is only one buyer for many suppliers, giving the buyer significant control over the market.

Input Units

The basic quantities or resources used in the production of goods and services.

Competitor

A firm or entity that competes within the same market, offering similar goods or services to the same customer base.