If the total cost of producing 2 pounds of cheese is $6 and the total cost of producing 4 pounds of cheese is $8, then:
a. marginal cost of producing cheese declines as output increases.
b. average total cost of producing cheese declines as output increases.
c. average total cost of producing cheese increases as output increases.
d. average total cost remains constant irrespective of the change in output.
e. marginal cost remains constant irrespective of the change in output.
b
You might also like to view...
Based on the data in the table above, what does GDP equal?
A) $8,900 billion B) $10,200 billion C) $9,800 billion D) $10,400 billion E) $10,000 billion
Describe the conditions under which a common resource is used efficiently
What will be an ideal response?
All transfer payments are made to people with low incomes.
Answer the following statement true (T) or false (F)
In 1934, the President was given the authority to reduce United States tariffs up to 50 percent provided other nations would also reduce their tariffs under the:
A. Underwood Tariff Law B. Smoot-Hawley Tariff Act C. Reciprocal Trade Agreement Act D. General Agreement on Tariffs and Trade