The Significance of the Minimum Point on the Average Variable

question 13

Multiple Choice

The significance of the minimum point on the average variable cost curve is that _____

• A)it is the profit-maximizing level of output.
• B)it is the selling price of a good.
• C)it is the point of indifference between producing at a loss and shutting down.
• D)if the firm produces one more unit, its average variable cost will be less than its marginal cost.
• E)it shows the amount of total cost incurred by a firm in the production process.

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Definitions:

Conditioned Stimuli

Stimuli that initially do not elicit a response but come to do so when associated with an unconditioned stimulus in the process of classical conditioning.

Feeding Behavior

Patterns and strategies related to how organisms obtain food, including searching, selecting, and consuming nutrients.

Trace Conditioning

A form of classical conditioning where the conditioned stimulus and unconditioned stimulus are presented separately with a time gap in between.

Conditioned Response

A learned response to a previously neutral stimulus that has become conditioned.