A. is linear (a straight line)
B. becomes steeper as the quantity of the input increase
C. could be any of these answers
D. becomes flatter as the quantity of the input increase
Average And Total Cost
Which of the following statements is true ?
A. All costs are fixed in the short run.
B. All costs are variable in the long run
C. All costs are variable in the short run
D. All costs are fixed in the long run
When marginal costs are below average total costs ?
A. average fixed cost is rising
B. average total cost is falling
C. average total cost is raising
D. average total cost is minimized
If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?
A. be flat (horizontal)
B. slope upward
C. slope downward
D. be U-shaped.