e least costly way to produce any given level of output is indscated by A) the p
ID: 1122837 • Letter: E
Question
e least costly way to produce any given level of output is indscated by A) the point of intersection between the B) the point of intersection between the isoquant correspcot nqsant corresponding to that level of output and the C) the isocost line corresponding to that level of output D) the point of tangency between an isocost line and the isoquan isoquant corresponding to that level of output ans the outpat E) none of the above t lire and t corresponding to that level of 21) The supply curve of a firm is equal to the A) marginal cost curve above the break-even point B) marginal cost curve above the shut-down point C) average fixed cost curve D) average total cost curve above the break-even point E) average total cost curve above the shut-down point 22) In a perfectly competitive, long-run equilibrium, the price of the product is equal to the A) minimum average variable cost B) minimum marginal cost C) shut-down price D) minimum average total cost E) none of the above 22)_ 12 A 113 23) An industry in which firms have a relatively high proportion of total costs in fixed costs A) cannot be perfectly competitive B) will be subject to wide price fluctuations C) will never reach a long-run equilibrium D) will be an oligopolyExplanation / Answer
20. The correct answer is D.
21. The correct answer is B.
22. The correct answer is B.
23. The correct answer is A.
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