When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is above the average total cost curve. b. marginal cost curve intersects the average total cost curve. C. average fixed cost curve is above the marginal cost curve. d. average variable cost curve is above the average total cost curve. e. average variable cost curve intersects the average total cost curve.

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
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When the average total cost curve is at its minimum, we know that the:
a. marginal cost curve is above the average total cost curve.
b. marginal cost curve intersects the average total cost curve.
c. average fixed cost curve is above the marginal cost curve.
d. average variable cost curve is above the average total cost curve.
e. average variable cost curve intersects the average total cost curve.
Transcribed Image Text:When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is above the average total cost curve. b. marginal cost curve intersects the average total cost curve. c. average fixed cost curve is above the marginal cost curve. d. average variable cost curve is above the average total cost curve. e. average variable cost curve intersects the average total cost curve.
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