Homework Help is Here – Start Your Trial Now!
Business
Economics
1. Which of the following statements are correct? (i) When average variable cost is rising, marginal cost must be greater than average variable cost. (ii) When marginal cost is rising, average total cost must be rising. (iii) When marginal cost is rising, average fixed cost could be rising or falling. (iv) A competitive firm will produce at the minimum effect scale in the long-run equilibrium. (A) (i), (ii) (B) (i), (iii) (C) (i),(iv) (D) (i), (iii), (iv)

1. Which of the following statements are correct? (i) When average variable cost is rising, marginal cost must be greater than average variable cost. (ii) When marginal cost is rising, average total cost must be rising. (iii) When marginal cost is rising, average fixed cost could be rising or falling. (iv) A competitive firm will produce at the minimum effect scale in the long-run equilibrium. (A) (i), (ii) (B) (i), (iii) (C) (i),(iv) (D) (i), (iii), (iv)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
1. Which of the following statements are correct? (i) When average variable cost is rising, marginal cost must be greater than average variable cost. (ii) When marginal cost is rising, average total cost must be rising. (iii) When marginal cost is rising, average fixed cost could be rising or falling. (iv) A competitive firm will produce at the minimum effect scale in the long-run equilibrium. (A) (i), (ii) (B) (i), (iii) (C) (i),(iv) (D) (i), (iii), (iv)
Transcribed Image Text:1. Which of the following statements are correct? (i) When average variable cost is rising, marginal cost must be greater than average variable cost. (ii) When marginal cost is rising, average total cost must be rising. (iii) When marginal cost is rising, average fixed cost could be rising or falling. (iv) A competitive firm will produce at the minimum effect scale in the long-run equilibrium. (A) (i), (ii) (B) (i), (iii) (C) (i),(iv) (D) (i), (iii), (iv)
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS