The long-run total cost of zero output is equal to
A) variable cost.
B) fixed cost.
C) zero.
D) the marginal revenue product of labor.
Correct Answer:
Verified
Q19: When costs are at a minimum,
A)the ratio
Q20: Output for a simple production process is
Q21: Geometrically, marginal cost at any level of
Q22: Average variable cost is
A)the ratio of total
Q23: The total fixed cost function
A)is horizontal.
B)is U-shaped.
C)is
Q25: MC equals
A)ΔTC/ΔQ.
B)ΔVC/ΔQ.
C)FC/Q.
D)VC/Q.
Q26: Producing an additional unit whose marginal cost
Q27: The slope of a ray from the
Q28: Average fixed cost
A)is a horizontal line.
B)increases steadily
Q29: When marginal cost is greater than average
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents