If marginal costs are rising, average total costs must be rising.
Answer the following statement true (T) or false (F)
False
Average total costs will fall as long as marginal cost is less than average total cost. This is true even if marginal costs are increasing.
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Consider a public good such as fire protection services. Rich people may benefit more than the poor from such a service because rich people stand to lose more from a fire that destroys property. In this case
A) the benefits-received principle may support the rich paying more taxes than the poor, but not the ability-to-pay principle. B) the ability-to-pay principle may support the rich paying more taxes than the poor, but not the benefits-received principle. C) neither the benefits-received nor the ability-to-pay principles may support the rich paying more taxes than the poor. D) both the benefits-received and the ability-to-pay principles may support the rich paying more taxes than the poor.
The U.S. lowered tariffs in the 1850s because of a budget surplus
Indicate whether the statement is true or false
In 2008, the industrial country whose workers work the most hours in a year was _____.
Fill in the blank(s) with the appropriate word(s).
"Price controls in competitive markets cause shortages" is an example of:
A. the art of economics. B. positive economics. C. normative economics. D. Keynesian economics.