For a Typical Firm, the Long-Run Average Total Cost Curve

question 88

Multiple Choice

For a typical firm, the long-run average total cost curve:

• A) is a tangent to the minimum point of each possible short-run average total cost curve.
• B) is a tangent to each possible short-run average total cost curve at one point.
• C) intersects each possible short-run average total cost curve at two points.
• D) passes through the minimum points of all possible short-run average total cost curves.

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Definitions:

Ingroup Bias

The inclination to prefer individuals from one's own group rather than from other groups.

Cohesive

Characterized by or causing unity and togetherness among individuals or elements in a group.

Social Facilitation

The tendency for people to perform differently, often better, when in the presence of others than when alone.

Dominant Response

The reaction that is most likely to be exhibited by an individual in a given situation due to its strength or frequency of reinforcement.