If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry, A: marginal cost > average cost = $16.67. B: marginal cost < average cost = $16.67. C: $16.67 = marginal cost = average cost. D: $16.67 = marginal cost > average cost.

When marginal cost is less than average cost,

A competitive firm maximizes profit by choosing the quantity at which ( ) A: average total cost is at its minimum. B: marginal cost equals the price. C: average total cost equals the price. D: marginal cost equals average total cost.

As long as marginal cost is below average cost, average cost will be A: falling. B: rising. C: constant. D: changing in a direction that cannot be determined without more information.

Fixed Cost，Veriable Cost，Explicit Cost，Implicit Cost，Opportunity Cost，Sunk Cost，Economic Profit，Normal Profit，Average Cost，Margial Cost

In short run the shutdown point is that point at which A: price equals marginal cost. B: average fixed cost equals marginal cost. C: average variable cost equals marginal cost. D: average total cost equals marginal cost.

If average variable cost decreases as output increases, then:

 Average variable cost and average total costs get closer together as output increases because:

The average of a firm's cost of equity and after tax cost of debt that is weighted based on the firm's capital structure is called the: A: reward to risk ratio B: weighted capital gains rate C: structured cost of capital D: weighted average cost of capital

A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.