If marginal cost is rising, then average cost must be rising.
Answer the following statement true (T) or false (F)
False
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A ____ total cost function implies that marginal costs ____ as output is increased
a. linear; increase linearly b. quadratic; increase linearly c. cubic; increase linearly d. a and b e. none of the above
Any event that causes either the demand curve or the supply curve to shift will also change the equilibrium price and quantity
a. True b. False Indicate whether the statement is true or false
Corrective taxes work by ______.
a. internalizing external costs b. externalizing internal costs c. subsidizing moral hazards d. criminalizing adverse selection
The market system corrects a shortage by:
a. Raising product price to decrease production b. Lowering product price to increase production c. Raising product price to increase production d. Lowering product price to decrease production