If a Firm Is Producing the Level of Output at Which

question 79

Multiple Choice

If a firm is producing the level of output at which long-run average cost equals long-run marginal cost,then

• A)long-run marginal cost is at its minimum point.
• B)long-run average cost is at its minimum point.
• C)long-run total cost is at its minimum point.
• D)both a and b
• E)all of the above

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Definitions:

Last Month

Refers to the period of time from the first to the last day of the month immediately preceding the current month.

Variable Overhead Efficiency Variance

The difference between the actual hours taken to produce goods and the standard hours expected, multiplied by the variable overhead rate.

Variable Manufacturing Overhead

Costs in the manufacturing process that fluctuate with the level of production activity, such as utilities and materials.

Direct Labor-hours

The full amount of labor hours by employees directly contributing to the generation of products or services.