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:

Construed

Interpreted or understood in a particular way, often referring to the way words or actions are perceived or legally interpreted.

Warranties

Promises made by a seller regarding the condition, functionality, or other aspects of a product or service.

Implied Warranty

A legal assumption that goods are fit for the purpose for which they were sold, even if not explicitly stated.

Merchantability

A warranty that a product sold will meet reasonable expectations of the buyer, including that it is of average acceptable quality and is fit for the purpose for which it is sold.