Quiz_106 - TRUE\/FALSE. 85 Intheshortrun,, increasing Answer True 85 False Diff:2 PageRef:335-336\/335-336 Topic AverageCost LearningOutcome Micro1

Quiz_106 - TRUE/FALSE. 85 Intheshortrun,, increasing...

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TRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.85) In the short run, if marginal product is below average product, then average variable cost isincreasing.85)Answer:TrueFalseDiff: 2Page Ref: 335-336/335-336Topic: Average CostLearning Outcome: Micro 12: Apply methods for measuring and analyzing the effects of inputs and costs onthe supply curveAACSB: Reflective Thinking86) If marginal cost is above the average variable cost, then average variable cost is decreasing.86)Answer:TrueFalseDiff: 1Page Ref: 363-364/363-364Topic: Marginal CostLearning Outcome: Micro 12: Apply methods for measuring and analyzing the effects of inputs and costs onthe supply curveAACSB: Reflective Thinking87) If the marginal product of labor is decreasing, then marginal cost of production must be rising.87)Answer:TrueFalseDiff: 2Page Ref: 363-364/363-364Topic: Marginal CostLearning Outcome: Micro 12: Apply methods for measuring and analyzing the effects of inputs and costs onthe supply curveAACSB: Reflective ThinkingSHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.88) Describe the relationship between marginal cost and average total cost.88)Answer: If marginal cost for a given output is below average total cost, average total cost willdecrease as output increases but if marginal cost is above average total cost, average
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