When average costs of production are falling, average cost:
a. is higher than marginal cost.
b. is equal to price.
c. is negative.
d. is less than marginal cost.
Ans: a. is higher than marginal cost.
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A) an industry. B) a conglomerate. C) a plant. D) a firm.
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A. the behavior of the economy as a whole. B. the effect that money has in the economic system. C. how individuals and firms make decisions. D. a nation from the perspective of the whole world.