If the marginal cost of producing the tenth unit of output is $2.50, and if the average total cost of producing the tenth unit of output is $3, then at ten units of output, average total cost is rising
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Economies of scale result as a firm increases in size and expands its use of resources. Productivity increases and fixed production costs are spread over an increased number of goods and services
Which of the following are types of economies of scale? (a) Command economies (b) External economies (c) Open economies (d) Closed economies
Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening. b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles. c. There are many competing uses for the annual budget of your city, county, or state. d. All of the answers are correct.
Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
a. The quantity of eggs demanded will increase. b. Egg demand will decrease. c. Egg supply will increase. d. Egg supply will decrease.
The proponents of rational expectations and monetarism think that the Federal Reserve should adopt
A) an inflation target. B) a monetary aggregate target. C) a constant monetary growth rule. D) an interest rate target.