The shape of the costs curves may be traced back to
A) the law of diminishing marginal utility.
B) the difference between the short run and the long run.
C) the law of diminishing marginal returns.
D) the fact that all production occurs in the long run.
Correct Answer:
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Q8: Costs are related to output because
A)output is
Q9: The law of diminishing marginal returns is
Q10: In large companies it is often the
Q11: If marginal costs are rising
A)total fixed costs
Q12: If marginal cost is rising
A)marginal product in
Q14: The period of time over which all
Q15: If average total cost is rising
A)marginal cost
Q16: The period of time over which there
Q17: The change in total costs when output
Q18: Marginal cost
A)cuts average variable cost and average
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