Which of the Following Is True at the Output Level

question 148

Multiple Choice

Which of the following is true at the output level where average total cost is at its minimum?

• A)Marginal cost equals average total cost.
• B)Average variable cost equals fixed cost.
• C)Marginal cost equals average variable cost.
• D)Average total cost equals average fixed cost.

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Definitions:

Possession

The act of having physical control or ownership of an object or property.

Risk of Loss

A legal term that determines who bears the cost of damage to goods during a transaction or transportation before the purchaser receives them.

Common Law

A legal system based on judicial decisions of courts and similar tribunals, rather than statutes or written laws, that serves as precedent for future cases.

Contract of Sale

A legal agreement between a seller and buyer where the seller agrees to deliver a product or property in exchange for a certain price from the buyer.