If average cost is positive,
A) marginal cost equals average cost.
B) marginal cost exceeds average cost.
C) marginal cost is less average cost.
D) Not enough information is provided.
D
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Figure 5-12
In Figure 5-12, if a consumer equilibrium moves from B to A, this shows that
A. beer is an inferior good, but wine is a normal good. B. wine is an inferior good, but beer is a normal good. C. both beer and wine are normal goods. D. both beer and wine are inferior goods.
If technological change occurs in the economy,
A) the long-run aggregate supply curve will shift to the left. B) we will move up along the long-run aggregate supply curve. C) we will move down along the long-run aggregate supply curve. D) the long-run aggregate supply curve will shift to the right.
When interest rates fall, a bank that perfectly hedges its portfolio of Treasury securities in the futures market
A) suffers a loss. B) experiences a gain. C) has no change in its income. D) may either gain, lose or see no change in its income.
An outward bowed production possibilities curve illustrates
A) inefficient production. B) the law of increasing additional cost. C) a lack of scarcity. D) zero opportunity cost of moving from inefficient production to currently unobtainable production.