If the average cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?
A) AFC is falling.
B) AVC is rising.
C) MC > AVC.
D) All of the above.
D
Economics
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Refer to Figure 18.1. Canada has a comparative advantage in the production of
A) bicycles. B) hang gliders. C) both bicycles and hang gliders. D) neither bicycles nor hang gliders.
Economics
If the game in Scenario 13.13 were not played sequentially,
A) the only equilibrium would be (R2,C1 ). B) the only equilibrium would be (R1,C2 ). C) the only equilibria would be (R2,C1 ) and (R1,C2 ). D) the only equilibria would be (R2,C1 ), (R1,C2 ) and a mixed strategy equilibrium. E) there would not be any equilibrium.
Economics