11. Suppose a firms' average variable cost curve has the typical U-shaped form, if so, then the following is true: A) The average variable cost curve reaches a minimum point where it intersects the marginal cost curve. B) The firms' average product of labour curve must have an inverted U-shape. C) The firms' average product of labour curve reaches a maximum where the output of that labour is equal to the output where the average variable cost curve is minimized. D) If the marginal cost falls below the average variable cost curve, then the average variable cost curve is downward sloping. E) All of the above F) A & B G) A & C H) A & D I) A, B& D. J) None of the above.

11. Suppose a firms' average variable cost curve has the typical U-shaped form, if so, then the following is true: A) The average variable cost curve reaches a minimum point where it intersects the marginal cost curve. B) The firms' average product of labour curve must have an inverted U-shape. C) The firms' average product of labour curve reaches a maximum where the output of that labour is equal to the output where the average variable cost curve is minimized. D) If the marginal cost falls below the average variable cost curve, then the average variable cost curve is downward sloping. E) All of the above F) A & B G) A & C H) A & D I) A, B& D. J) None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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