If the slope of the rays from the origin to the total variable cost curve declines along the curve, it implies:
a. the average variable cost is falling.
b. the marginal cost is falling.
c. the average variable cost is rising.
d. the marginal cost is rising.
A
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The study of the choices made by individuals is part of the definition of
A) microeconomics. B) positive economics. C) macroeconomics. D) normative economics.
An increase in the value of the U.S. dollar will tend to cause, other things the same ________
A) an increase in the volume of U.S. imports B) an increase in the volume of U.S. exports C) an increase in the volume of U.S exports and imports D) a decrease in the volume o U.S. exports and imports
Early nineteenth century banks primarily
(a) enabled small savers to buy shares in a diversified portfolio of investments. (b) accepted and managed checkable deposits. (c) provided a broad range of financial services. (d) relied on a federal safety fund in times of well spread crisis.
The assumption that nothing changes EXCEPT the variables being studied is
A) the ceteris paribus assumption. B) the rationality assumption. C) positive economic analysis. D) normative economic analysis.