Average cost

A. is always larger than marginal cost.
B. declines for some range of output, hits a minimum, and then increases.
C. is always smaller than marginal cost.
D. is total cost/price of the product.

Answer: B

Economics

You might also like to view...

Total utility is maximized when the ________ for all goods

A) marginal utility per dollar spent is equal B) marginal utilities are zero C) marginal utilities are maximized D) marginal utilities are negative

Economics

A wave of bank failures in the United States

A) occurred in the 1970s. B) occurred from the early 1980s to the early 1990s. C) occurred from late 1980s to the mid 1990s. D) has been ongoing since the late 1980s.

Economics