If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing.
B) average variable costs must be increasing.
C) marginal costs can be either increasing or decreasing.
D) marginal costs must be increasing.
C
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Which will NOT affect the elasticity of demand for labor?
A) the labor intensity of the production process B) the elasticity of supply for labor C) the elasticity of demand for the good D) the substitutability of capital for labor
An analysis of IBM's pricing decisions would be classified as a macroeconomic study
a. True b. False Indicate whether the statement is true or false
If there was no misperception effect, but there was a profit effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping: vertical b. upward sloping; upward sloping c. vertical; vertical d. vertical; upward sloping
The argument that purchases of minivans cause large families is an example of
a. omitted variables. b. normative statements. c. reverse causality. d. bias.