Which of the following statements is FALSE?
A) AC = TC/Q
B) A firm that produces 100 units at a total cost of $500 has an average cost of $5 per unit.
C) Firms will earn positive profits if price exceeds average cost.
D) When marginal cost is below average cost, average cost is rising.
Correct Answer:
Verified
Q65: Use the following to answer questions:
Figure: Maximizing
Q66: Which of the following is TRUE?
A) Price
Q67: When the level of production is relatively
Q68: A firm maximizes profits when:
A) total revenue
Q69: Why can't marginal cost decrease forever?
A) At
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Q72: Price equals marginal revenue for a competitive
Q73: Which of the following is an example
Q74: The change in total revenue from selling
Q75: Profit can be shown graphically by depicting
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