Macroeconomic models are
A) never wrong.
B) accurate descriptions of the economy.
C) simple abstractions of reality.
D) consistent with all economic data.
C
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If the total cost of producing 10 units equals $90, and the average total cost of producing 11 units equals $8.75, then the marginal cost of the eleventh unit produced: a. is definitely greater than the marginal cost of producing the tenth unit. b. is definitely less than the marginal cost of producing the tenth unit. c. is less than the average total cost of producing ten units
d. is greater than the average total cost of producing ten units.
The short-run average total cost curve eventually turns upward to form a U shape because: a. of diminishing marginal cost
b. of increasing average fixed cost. c. all factors can be varied in the long run. d. of diminishing marginal productivity.