Multiple Choice
Suppose that you own two farms on which to grow corn. In order to lower the cost of production, you determine to increase production on Farm 1 and reduce it on Farm 2. This implies that the marginal cost of production on Farm 1 is:
A) greater than the marginal cost of production on Farm 2.
B) less than the marginal cost of production on Farm 2.
C) equal to the marginal cost of production on Farm 2.
D) The difference of the marginal costs between the two farms cannot be determined.
Correct Answer:
Verified
Correct Answer:
Verified
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