The table shows costs for an individual firm. Which of the following statements is true?Average total cost is falling until the third unit produces and increasing after the fourth unit produced.Marginal cost is always greater than average total cost.The fixed cost is $12.Marginal cost begins rising after the second unit produced.
A) I, II, and III only
B) I and III only
C) II and IV only
D) I only
Correct Answer:
Verified
Q123: The additional cost a firm will incur
Q124: Q125: Average variable costs _ as output increases. Q126: Q127: Marginal cost is: Q129: Average variable costs: Q130: The marginal cost curve: Q131: How long is the long run? Q132: If the marginal cost of hiring another Q133: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A)always
A)the additional output a firm
A)decrease when marginal product rises
A)is U-shaped.
B)rises when marginal
A)It is
