As quantity increases, which of the following must be true if average total costs are rising?
a. Marginal cost must be greater than average total cost
b. Marginal cost must be less than average total cost.
c. Average fixed cost must be increasing.
d. Average fixed cost must be less than average variable cost.
a
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Which of the following has NOT changed much as a percent of GDP over the last twenty years for the United States?
i. the official settlements account ii. the capital and financial account iii. the current account A) ii only B) ii and iii C) iii only D) i only E) None of the above answers is correct because all three have had large swings over the last 20 years.
If oil prices decrease,
A) the short-run aggregate supply curve will shift down. B) the long-run aggregate supply curve will shift to the left. C) the short-run aggregate supply curve will shift up. D) the long-run aggregate supply curve will shift to the right.