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Author Question: If pizza is measured on the horizontal axis and pretzels are measured on the vertical axis, the ... (Read 51 times)

Lobcity

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on: Jul 1, 2018
If pizza is measured on the horizontal axis and pretzels are measured on the vertical axis, the slope of the production possibility frontier at a given combination reflects
 
  A) the total cost of producing that combination.
  B) the total cost of producing that quantity of pizza in terms of pretzels.
  C) the cost of making the last pizza in terms of pretzels.
  D) the cost of making the last pretzel in terms of pizza.

Question 2

The marginal cost curve intersects the average fixed cost curve at its minimum.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
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jojobee318

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

False. Marginal cost intersects average variable cost (and average cost) at its minimum.


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