According to the information provided, which of the following statements is(are) true of Jack's marginal cost?
(i) his marginal cost curve is U-shaped
(ii) his marginal cost increases with increased watermelon output
(iii) his marginal cost reflects diminishing marginal product
A)(i) and (ii)
B)(ii) and (iii)
C)(i) and (iii)
D)(i), (ii) and (iii)

Question

Quizplus · Accepted Answer

The question provides information that Jack's cost increases as watermelon output grows. This points to a U-shaped marginal cost curve, which is statement (i). In general, this curve would reflect diminishing marginal product, which is statement (iii). As a result, statement (ii) is also true. Therefore, the correct answer is B: (ii) and (iii).

According to the Information Provided, Which of the Following Statements