Which of the Following Statements Is (Are) TRUE

question 124

Multiple Choice

Which of the following statements is (are) TRUE?
I. MC = ΔTC/ΔQ
II. MC = ΔVC/ΔQ
III. Marginal cost falls as returns to labor begin to diminish.

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

---

Definitions:

Profit Levels

Indicates the ranges of profit a business can generate, reflecting its financial health and operational success.

National Income

The total value of all goods and services produced by a country's economy over a specific period, typically analyzed to assess economic health.

Labor Force

The total number of people available to work, including both the employed and those seeking employment.

Unionized

Describes a workforce or an organization where employees are members of a union, which negotiates terms of employment on their behalf.