When Marginal Cost Is Rising, Average Variable Cost

question 249

Multiple Choice

When marginal cost is rising, average variable cost

• A)must be rising.
• B)must be falling.
• C)must be constant.
• D)could be rising or falling.

Assess the economic and social implications of King Philip's War and Bacon's Rebellion on colonial America.

Examine the role and significance of the Covenant Chain and other alliances in colonial North American politics.

Grasp the influence of the slave trade and slavery in shaping colonial America and the Caribbean.

Discern the evolution of civil rights and freedoms in colonial America, including voting rights and religious liberties.

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers in a given time period.

Supply Curve

A supply curve graphically represents the relationship between the price of a good and the quantity of the good that suppliers are willing to sell, typically showing a direct relationship where higher prices incentivize higher supply.

Wage Rate

The amount paid to an employee per unit of time (e.g., per hour or year) for their labor.

Production Function

A mathematical model in economics that describes the relationship between inputs and the maximum output of goods or services produced.