If Marginal Cost Is Less Than Average Variable Cost and Output

question 134

Multiple Choice

If marginal cost is less than average variable cost and output increases, average total cost ________ and average variable cost ________.

• A) increases; increases
• B) decreases; decreases
• C) decreases; increases
• D) increases; decreases

Appreciate the effect of inflation and deflation on real GDP and nominal GDP.

Interpret economic indicators related to GDP, including per capita real GDP and the GPI.

Assess the implications of the underground economy on the measurement of GDP.

Comprehend the limitations and critiques of GDP as a measure of economic well-being.

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