(Figure: Average Total Cost and Quantity of Output III) Which

question 103

Multiple Choice

(Figure: Average Total Cost and Quantity of Output III) Which of the following statements is (are) TRUE? I. At Q = 3, the marginal cost is $2.33.
II. At Q = 8, the marginal cost is $1.80.
III. The slope of the total cost (TC) curve at Q = 3 is $2.33.

• A) II
• B) I and III
• C) II and III
• D) I

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Definitions:

Angular Unconformity

A geological feature where newer layers of sediment or rock rest upon older layers that have been tilted or folded, indicating a significant change in depositional environments.

Rocks Folded

refers to the bending and curving of rock layers under pressure, without the layers breaking.

Flat-lying Layers

Horizontal strata of sedimentary rock that have not been significantly tilted or disturbed since their deposition.

Disconformity

An unconformity in which the bedding planes above and below the break are essentially parallel, but the unconformity surface records erosion or some other interruption in the deposition of layers.