Answer the following questions true (T) or false (F)
1. The marginal cost curve is U-shaped because of the law of increasing opportunity costs.
2. If average total cost is falling, marginal cost must also be falling.
3. In the short run, if average product is at its maximum, then average variable cost is at its minimum.
1. FALSE
2. FALSE
3. TRUE
Economics
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A) Monetary; price controls B) Monetary; fiscal policy C) Fiscal; overall spending D) Fiscal; monetary policy
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If the population increases and input prices decrease, the equilibrium quantity of a product will definitely increase
Indicate whether the statement is true or false
Economics