Answer the following statements true (T) or false (F)
1) All else equal, if the price of a variable input rises, managers should decrease the use of that input and increase the use of other inputs.
2) All else equal, if the price of a variable input falls, managers should decrease the use of that input and increase the use of other inputs.
3) If an increase in production lowers your firm's short-run average total cost, you should consider expanding current output levels.
4) If an increase in production increases your firm's short-run average total cost, you should consider expanding current output levels.
5) If your firm is experiencing economies of scale, you should consider expanding current output levels.
1) TRUE
2) FALSE
3) TRUE
4) FALSE
5) TRUE
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