Multiple Choice
If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14 units of output is $30.23, what will happen to the average cost of production if the 15th unit is produced?
A) Average cost increases as more is produced.
B) Average cost will fall.
C) Average cost could increase or decrease depending on what happens to variable cost.
D) Average cost could increase or decrease depending on what happens to fixed cost.
Correct Answer:
Verified
Correct Answer:
Verified
Q287: Table 11-4<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 11-4
Q288: Accounting costs exclude implicit costs.
Q289: The division of labor and specialization explain<br>A)why,
Q290: Table 11-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 11-2
Q291: Figure 11-6<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 11-6
Q293: If 11 workers can produce 53 units
Q294: The long-run average cost curve shows<br>A)the lowest
Q295: Which of the following statements best describes
Q296: Economies of scale exist as a firm
Q297: An explicit cost is defined as<br>A)a cost