Which of the following statements is correct?
A) Average total cost is the difference between average variable cost and average fixed cost.
B) Marginal cost measures the cost per unit of output associated with any level of production.
C) When marginal product rises, marginal cost must also rise.
D) Marginal cost is the price or cost of an extra variable input (for example, an additional worker or machine) divided by its marginal product.Topic: Short-Run Production Relationships
Correct Answer:
Verified
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A)There is
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Q218: Assume that in the short run a
Q224: Which of the following holds true?
A)There is
Q229: The vertical distance between the total cost
Q231: Fixed costs are associated with
A)highly adjustable inputs
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Q235: Average fixed costs for a given level
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