Which of the Following Statements About Costs Is Correct

question 245

Multiple Choice

Which of the following statements about costs is correct?

• A)When marginal cost is less than average total cost, average total cost is rising.
• B)The total cost curve is U-shaped.
• C)As the quantity of output increases, marginal cost eventually rises.
• D)All of the above are correct.

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Definitions:

Genetic Predisposition

The inherent susceptibility to certain conditions or characteristics based on one's genetic makeup.

Arouses Us

Incites feelings, often of interest or excitement, in a group or individual.

Informational Social Influence

The change in opinions or behavior that occurs when an individual conforms to what they believe is the correct way to act, based on information from others.

Normative Social Influence

The influence of other people that leads us to conform in order to be liked and accepted by them.