Question-2 - QUESTION 6 TYPE MULTIPLE CHOICE[QUESTION BANK ID 61370 CORRECT If a firm's average cost is falling(economies of scale with output then <

Question-2 - QUESTION 6 TYPE MULTIPLE CHOICE[QUESTION BANK...

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QUESTION:6 [QUESTION BANK ID:61370] TYPE:MULTIPLE CHOICE CORRECT If a firm's average cost is falling (economies of scale) with output, then << HIDE ANSWERS AMarginal cost is less than average cost BMarginal cost is rising CMarginal cost is greater than average cost DAverage cost is rising as a function of output
QUESTION:7 [QUESTION BANK ID:92611] TYPE:MULTIPLE CHOICE CORRECT Mr. D's Barbeque of Pickwick, TN, produces 10,000 dry-rubbed rib slabs per year. Annually, Mr. D's fixed costs are $50,000. The average variable cost per slab is a constant $2. Suppose Mr. D smoked 10% more ribs. << HIDE ANSWERS A
QUESTION:8 [QUESTION BANK ID:71370] TYPE:MULTIPLE CHOICE INCORRECT It has been observed that when the price of music CDs rose by 1%, the market quantity demanded fell by

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