Asked by Jaylen manos on Jul 09, 2024
Verified
(Figure: Short-Run Costs II) Use Figure: Short-Run Costs II.Curve 1 is the _____ cost curve.
A) average total
B) average variable
C) marginal
D) total
Cost Curve
A graphical representation showing how the cost of producing a good changes with changes in the quantity of the good produced.
- Acquire knowledge on cost curves and their critical role in determining short-run production costs.
Verified Answer
SO
Susan OdigieJul 11, 2024
Final Answer :
C
Explanation :
Curve 1 is the marginal cost curve, as it intersects both the average total cost curve and the average variable cost curve at their minimum points.
Learning Objectives
- Acquire knowledge on cost curves and their critical role in determining short-run production costs.