In the Short Run,as Output Gets Larger

question 264

Multiple Choice

In the short run,as output gets larger:

• A)fixed cost gets smaller.
• B)the average variable cost curve gets closer to the average total cost curve.
• C)marginal cost gets smaller.
• D)average total cost decreases after the point of diminishing returns.

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Definitions:

Intent

The state of mind directing actions towards a specific objective, significant in law, indicating the purpose behind an action.

Adaptation

The process of adjusting or modifying something or someone to make it suitable for a new use or purpose.

Timing

The selection of the most opportune moment to initiate or execute an action, which can greatly affect the success or failure of an endeavor.

Mineral Rights

The legal rights to explore for and produce the minerals underneath a piece of land.