Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average product curves intersect at the maximum level of output. O B. At every output level the marginal product curve lies above the average product C. The marginal product and average product curves intersect when average product is at its O D. The marginal product curve always has a curve. maximum. positive slope.
Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average product curves intersect at the maximum level of output. O B. At every output level the marginal product curve lies above the average product C. The marginal product and average product curves intersect when average product is at its O D. The marginal product curve always has a curve. maximum. positive slope.
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![Review Questions
QUESTION 13
Which of the following statements is true?
O A. The marginal and average
product curves intersect at
the maximum level of output.
O B. At every output level the
marginal product curve lies
above the average product
O C. The marginal product and
average product curves intersect
when average product is at its
D. The
marginal
product
curve always
has a
curve.
maximum.
positive
slope.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F511c2713-0c11-4547-9821-4cc4cea127c9%2F9129ee08-8847-4149-9a6a-5c6ae8a35f83%2Fkwc00k_processed.png&w=3840&q=75)
Transcribed Image Text:Review Questions
QUESTION 13
Which of the following statements is true?
O A. The marginal and average
product curves intersect at
the maximum level of output.
O B. At every output level the
marginal product curve lies
above the average product
O C. The marginal product and
average product curves intersect
when average product is at its
D. The
marginal
product
curve always
has a
curve.
maximum.
positive
slope.
![Review Questions
QUESTION 1
When a firm increases its output by one unit, its average total cost (AC) decreased, this implies that:
O A. Marginal cost (MC)
Average total cost (AC)
B. Average total cost (AC) <
Average fixed cost (AFC)
O C. Marginal cost (MC) <
Average total cost (AC)
O D. Marginal cost (MC)
> Average total cost
(AC)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F511c2713-0c11-4547-9821-4cc4cea127c9%2F9129ee08-8847-4149-9a6a-5c6ae8a35f83%2Fiaxojpg_processed.png&w=3840&q=75)
Transcribed Image Text:Review Questions
QUESTION 1
When a firm increases its output by one unit, its average total cost (AC) decreased, this implies that:
O A. Marginal cost (MC)
Average total cost (AC)
B. Average total cost (AC) <
Average fixed cost (AFC)
O C. Marginal cost (MC) <
Average total cost (AC)
O D. Marginal cost (MC)
> Average total cost
(AC)
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