Which of the following is true in the short run at the output level where average total cost is at its minimum? A. Marginal cost equals average variable cost. B. Average variable cost equals fixed cost. C. Average total cost equals average fixed cost. D. Marginal cost equals average total cost. E. Average total cost equals average variable cost

Which of the following is true in the short run at the output level where average total cost is at its minimum? A. Marginal cost equals average variable cost. B. Average variable cost equals fixed cost. C. Average total cost equals average fixed cost. D. Marginal cost equals average total cost. E. Average total cost equals average variable cost

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
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