Answer:
b. The minimum point on the average total cost curve
Explanation:
the marginal cost is the cost of making or producing one more additional unit of a product and then average total cost is the average of the total cost to produce units so if both these curves intersect then that means that will be the minimum point on the average total cost curve because at a point where if the marginal cost is less than the average cost then the average total cost will fall so the intersection point shows where the average total cost is a minimum because if its above that point the average total cost will rise.
Answer:
If opportunity cost is 5%, PV=10,366.05
If opportunity cost is 6.5%, PV=9,934.19
If opportunity cost is 11.5%, PV=8,656.79
Explanation:
PV=Σ
If opportunity cost is 5%: PV = 
=10,366.05
If opportunity cost is 6.5%: PV = 
=9,934.19
If opportunity cost is 11.5%: PV = 
=8,656.79
Answer:
D. They are primarily satisfied by establishing and maintaining close interpersonal relationships.
Answer:
keep producing in the short run but exit the industry or go out of business in the long run
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm should shut down in the short run if price is less than average variable cost. But since the diner's price is greater than average variable cost, it should continue production.
A firm should exit the industry in the long run if price is less than average total cost. the diner's price is less than average total cost, so it should shut down in the long run
