Multiple Choice
Let y* denote the level of output for which AP of a variable input reaches a maximum. Then:
A) for y = y*, short run SMC is zero.
B) for y > y*, the input's SMP exceeds its AP.
C) for y > y*, SMC exceeds AVC.
D) for y < y*, the input's AP exceeds its SMP.
Correct Answer:
Verified
Correct Answer:
Verified
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