As output increases, marginal cost
a. continually increases.
b. continually decreases.
c. increases, reaches a maximum and then declines.
d. decreases, reaches a minimum and then rises.
d. decreases, reaches a minimum and then rises.
You might also like to view...
According to the factor price equalization theorem, free international trade will result in wages equating rents worldwide
Indicate whether the statement is true or false
Marginal profit equals the difference between marginal revenue and average cost.
Answer the following statement true (T) or false (F)
Stagflation is generally caused by:
a. an increase in aggregate demand. b. a decrease in aggregate demand. c. an increase in aggregate supply. d. a decrease in aggregate supply.
Economists use the term supply to refer to the amount of some good or service a customer is willing to supply at each price.
Select whether the statement is true or false. A. True B. False