If ________, then a profit-maximizing, monopolistically competitive firm earns negative economic profits.

When marginal cost is positive, total cost is ________ as output increases

A) increasing B) decreasing C) constant D) negative E) undefined

Which of the following is TRUE?

A) Technological efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Technological efficiency depends on the relative cost of the resources used in production. C) If production is technologically efficient, then it must be economically efficient. D) All of the above answers are correct.