Multiple Choice
Which of the following statements is true?
A) At a high level of output, AFC is zero.
B) If the law of diminishing marginal returns did not exist, then the marginal cost curve would not have an upward-sloping portion.
C) The marginal cost curve cuts the average fixed cost curve at its minimum.
D) There are no fixed costs in the short run.
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q130: In the long run, if inputs are
Q131: As the marginal physical product curve rises,<br>A)the
Q132: Exhibit 21-7<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-7
Q133: At 200 units of output, total cost
Q134: Exhibit 21-13<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-13
Q136: Exhibit 21-14<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-14
Q137: Which of the following statements is false?<br>A)Average
Q138: Exhibit 21-4<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 21-4
Q139: Which of the following statements is sequentially
Q140: Describe the law of diminishing marginal returns.