When marginal cost is less than average total cost,
A. marginal cost must be falling.
B. average variable cost must be falling.
C. average total cost is falling.
D. average total cost is rising.
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Average total cost is increasing whenever
A. total cost is increasing.
B. marginal cost is increasing.
C. marginal cost is less than average total cost.
D. marginal cost is greater than average total cost.
Marginal cost is equal to average total cost when
A. average variable cost is falling.
B. average fixed cost is rising.
C. marginal cost is at its minimum.
D. average total cost is at its minimum.
The minimum points of the average variable cost and average total cost curves occur where the
A. marginal cost curve lies below the average variable cost and average total cost curves.
B. marginal cost curve intersects those curves.
C. average variable cost and average total cost curves intersect.
D. slope of total cost is the smallest.
When a factory is operating in the short run,
A. it cannot alter variable costs.
B. total cost and variable cost are usually the same.
C. average fixed cost rises as output increases.
D. it cannot adjust the quantity of fixed inputs.
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