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Short run marginal cost curve cuts the short run average cost curve from _______ at the minimum point of short run average cost.
Indicate the correct answer from the following types of the long run average cost curves on which the minimum average cost of production in long run can be determined.
1. Long run average cost curve under normal production function
2. Long run average cost curve under linearly homogeneous production function
3. Planning curve
4. Envelope curve
Marginal cost is equal to marginal revenue, average cost is equal to average revenue, average revenue is equal to marginal revenue and average cost is equal to marginal cost. This is the condition of
1. long period equilibrium for a firm under monopoly
2. short period equilibrium for a firm under oligopoly
3. long period equilibrium
4. long period equilibrium for a firm under perfect competitions
Select the correct answer
The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.
In perfect competition, when a firm is in short periods, for equilibrium, the following condition does apply
1. Marginal cost must equal marginal revenue.
2. Average cost must equal average revenue.
3. Marginal revenue must equal average revenue.
4. Marginal cost must equal average cost.
How far is point 'R' from Point 'T'? Statement (I): Point 'R' is 5 metres to the north of point 'M'. Point 'U' is 4 metres to the east of point 'R'. Point 'T' is to the west of point 'R' such that points 'U' 'R' and 'T' form a straight line of  metres. Statement (II): Point 'Z' is metres to the south of point 'T'. Point 'U' is  metres to the east of point 'T'. Point 'M' is  metres to the east of point 'Z'. Point 'R' is  metres to the north of point 'M'. Point 'R' lies on the line formed by joining points 'T' and 'U'.
The point on which the average cost is minimum in a firm short-run average cost curve will also be the minimum cost point on the firm's long run average cost curve. This is true
Point A is 3m in the north of point B. Point D is 2m in the east of point E. Point F is 9m in the west of point G. Point C is 4m in the west of point B. Point C is 3m in the south of point D. Point F is 5m in the south of point E. Point H is 5m in the north of point G. What is the shortest distance between point H and point A?
Point P is 4m in the west of point V. Point R is 6m in the north of point Q. Point T is 5m in the south of point S. Point V is in the middle of point R and Q. Point U is 5m in the east of point R. Point V is in north of point Q. Point S is 5m in the east of point V. What is the area of triangle formed by point P, R and Q?
Study the following information and answer the questions. Point A is 8m to the west of Point B. Point C is 4m to the south of Point B. Point D is 4m to the east of Point C. Point F is 6m to the north of Point D. Point E is 8m to the west of Point F. Point G is 2m to the south of Point E. How far and in which direction is Point G from Point A?