Answer D and E only. 3. Determined whether each statement is true or false and provided an explanation.isA. If a firm has U-shaped marginal cost, then AVC and MC are equal at the point whminimized.B. If marginal cost is increasing, verage cost must increase as well.C. If a firm'soduction function exhibits decreasing marginal returns in each factor, then itmust also xhibit decreasing returns to scale.D. The marginal cost curve is always increasing due to the law of diminishing marginal returns.E. The total cost curve gets flatter as the quantity of output increases because of diminishingmarginal product.nes

D. The marginal cost curve is always increasing due to the law of diminishing marginal returns. E. The total cost curve gets flatter as the quantity of output increases because of diminishing marginal product.

D. The marginal cost curve is always increasing due to the law of diminishing marginal returns. E. The total cost curve gets flatter as the quantity of output increases because of diminishing marginal product.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer D and E only.

3. Determined whether each statement is true or false and provided an explanation.
is
A. If a firm has U-shaped marginal cost, then AVC and MC are equal at the point wh
minimized.
B. If marginal cost is increasing, verage cost must increase as well.
C. If a firm'soduction function exhibits decreasing marginal returns in each factor, then it
must also xhibit decreasing returns to scale.
D. The marginal cost curve is always increasing due to the law of diminishing marginal returns.
E. The total cost curve gets flatter as the quantity of output increases because of diminishing
marginal product.
nes

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