If the short-run average variable costs of production for a firm are rising, then this indicates that:
A. Average total costs are at a maximum
B. Average fixed costs are constant
C. Marginal costs are above average variable costs
D. Average variable costs are below average fixed costs
C. Marginal costs are above average variable costs
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The total value of capital in the United States is around
A) $50 trillion. B) $10 trillion. C) $79 trillion. D) $100 trillion. E) $145 trillion.
Refer to Figure 4-1. If the market price is $1.00, what is the maximum number of burritos that Arnold will buy?
A) 1 B) 2 C) 3 D) 4
The level of an economic activity should be increased to the point where
a. Marginal benefits equal to zero b. Marginal costs of the investment are less than marginal benefits of the investment c. Marginal benefits are greater than marginal costs d. Marginal costs are equal to marginal benefits
If a firm sells more than the break-even quantity,
a. It will make a profit b. It will only cover the variable costs c. It will make a loss d. A firm is unable to sell above the break-even quantity