Which of the following statements most accuratelydescribes the shapes of the average variable cost （AVC） and average total cost （ATC） curves over a wide range of output？
A. The AVC curve and the ATC curve are both U-shaped.
B. The AVC curve declines throughout;the ATC curve is U-shaped.
C. The AVC curve is U-shaped;the ATC curve increases initially then declines.
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Marginal revenue is best interpreted as the:
Addition to total revenue from the next unit produced and sold.
B. Increment to average revenue from the next unit produced and sold.
C. Smallest increment of revenue that can be gained by producing and selling a unit.
A consumers equilibrium bundle of goods is bestdescribed as being located:
At the point where an indifference curve and budget line cross.
B. At the point of tangency of an indifference curve with a budget line.
C. On the highest indifference curve that lies entirely below the budget line.
When a regulatory agency requires a monopolist to use average cost pricing, the intent is to price the product where the:
ATC curve intersects the MR curve.
B. MR curve intersects the demand curve.
C. ATC curve intersects the demand curve.
A firms average revenue is greater than its average variable cost and less than its average total cost. If the firm does not expect price to change, the firm should:
A. Shut down in the short run and in the long run.
B. Shut down in the short run but operate in the long run.
C. Operate in the short run but shut down in the long run.
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