Multiple Choice
The marginal cost curve:
A) Is inversely related to the average cost curve.
B) Crosses the marginal product at its minimum.
C) Crosses the total cost curve at its maximum point.
D) Crosses the average costs curve at its minimum point.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Fixed costs:<br>A) Never change.<br>B) Do not change
Q4: The Law of Diminishing Returns occurs:<br>A) In
Q5: Diseconomies of scale occur when:<br>A) Marginal costs
Q6: The marginal product curve:<br>A) Is inversely related
Q7: Short run marginal costs are determined mainly
Q8: If the total product is 300 units
Q9: Marginal costs:<br>A) Equal fixed costs plus variable
Q10: The first level of output at which
Q11: The increase or decrease in total cost
Q12: When marginal product is positive but falling,