When Average Total Cost Is at Its Minimum Point

question 7

Multiple Choice

When average total cost is at its minimum point:

• A) marginal cost is also at its minimum point.
• B) marginal cost is equal to zero.
• C) marginal cost is constant.
• D) average total cost is equal to marginal cost.
• E) the firm is maximizing profit.

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Definitions:

Objective Tests

Standardized tests designed to measure an individual's performance in a specific area, such as intelligence or personality, in a way that is not subject to examiner bias.

Unconscious Determinants

Psychological factors that influence behaviors, feelings, and judgments without an individual's conscious awareness.

Foot-In-The-Door

A compliance tactic that involves getting a person to agree to a large request by first setting them up by agreeing to a modest request.

Indebtedness

The state of owing money or being under a moral obligation to repay a benefit or service received.