Asked by Manfred Leung on Jul 09, 2024
Verified
The marginal-cost curve intersects the average-total-cost curve at the minimum point of the marginal-cost curve.
Marginal-Cost Curve
A graphical representation showing how the cost to produce one additional unit of a good or service changes as production volume changes.
Average-Total-Cost Curve
A curve showing the average total cost of producing different levels of output in the short run.
- Understand the connection between marginal cost and average total cost, and its significance in making production choices.
Verified Answer
NT
Nyhla TolbertJul 14, 2024
Final Answer :
False
Explanation :
The marginal-cost curve intersects the average-total-cost curve at the minimum point of the average-total-cost curve, not the marginal-cost curve.
Learning Objectives
- Understand the connection between marginal cost and average total cost, and its significance in making production choices.
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