Which of the Following Statements Is FALSE

question 113

Multiple Choice

Which of the following statements is FALSE?

• A) AC = TC/Q
• B) A firm that produces 100 units at a total cost of $500 has an average cost of $5 per unit.
• C) Firms will earn positive profits if price exceeds average cost.
• D) When marginal cost is below average cost, average cost is rising.

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Definitions:

Middle Age

A period of human adulthood that typically ranges from around 40 to 65 years of age, often marked by increased personal, social, and professional responsibilities.

Correlates Positively

Describes a relationship where an increase in one variable is associated with an increase in another variable.

Income

The amount of money received on a regular basis, typically for work or through investments.

Wisdom

The quality of having experience, knowledge, and good judgment; the ability to apply such attributes to solve problems or make decisions.