When the average physical product is rising
A) total cost is falling.
B) average total cost is increasing.
C) average variable cost is falling.
D) marginal cost is always rising.
Answer: C
Economics
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In the figure above, the expected inflation rate is
A) 6 percent. B) 0 percent. C) 2 percent. D) 8 percent. E) 4 percent.
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To be a natural monopoly, a firm must
a. control an essential natural resource input. b. be very large. c. have a continuously falling average cost curve as output rises. d. have falling average costs over a substantial range of total market demand.
Economics