If a firm is operating beyond the minimum point of its ATC curve, then marginal cost is
A. greater than ATC and rising.
B. greater than ATC and falling.
C. less than ATC and rising.
D. less than ATC and falling.
A. greater than ATC and rising.
Economics
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The production possibilities frontier is the boundary between
A) those combinations of goods and services that can be produced and those that can be consumed. B) those resources that are limited and those that are unlimited. C) those combinations of goods and services that can be produced and those that cannot. D) those wants that are limited and those that are unlimited.
Economics
The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. What is the efficient quantity of steel?
A) 0 tons B) 2 tons C) 4 tons D) 8 tons
Economics