Refer to Scenario 7.1. For 100 cookies, the average total cost is
A) falling.
B) rising.
C) neither rising nor falling.
D) less than average fixed cost.
A
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From 1990-2014, productivity growth in the United States was ________ the growth rates of other high-income countries
A) greater than B) equal to C) greater than for the first 15 years, then less than D) less than
If labor is the only variable input, an increase in the quantity of labor:
a. does not have any effect on the quantity of output. b. causes the output to increase initially at a diminishing rate and then at an increasing rate. c. causes the output to increase at a constant rate till the last worker is hired. d. causes the output to increase initially at an increasing rate and then at a decreasing rate. e. causes the output to decrease at a constant rate till the last worker is hired.