Multiple Choice
A U-shaped average total cost curve implies
A) First diminishing returns,and then increasing returns.
B) First marginal cost below average total cost,and then marginal cost above average total cost.
C) That total costs are at a minimum at the minimum of the average cost curve.
D) A linear total cost curve.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: Actual output will always equal the limit
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Q7: Total output may continue to rise even
Q8: Explain the concepts of explicit costs and
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Q13: Marginal cost<br>A)Is the change in total output
Q14: If a firm could hire all the
Q15: In the long run,which of the following