Economics 12E - Arnold - TB_157 - LOCAL STANDARDS United States OH Default City DISC Costs of production KEYWORDS Bloom's Comprehension 65 If the

Economics 12E - Arnold - TB_157 - LOCAL STANDARDS United...

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LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension 65. If the marginal cost (MC) curve is rising and is above the average fixed cost (AFC) curve, then a. the AFC curve is rising.b. the AFC curve is declining, although the MC curve has nothing to do with this.c. the AFC curve is at its minimum point.d. the AFC curve is at its maximum point.e. Nothing certain can be said about the AFC curve without additional information.ANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension 66. In the long run, POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Costs of production KEYWORDS: Bloom's: Comprehension 67. Which of the following statements is true?
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