Which of the Following Statements Is True

question 55

Multiple Choice

Which of the following statements is true ?

• A) When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls.
• B) The marginal product is the output per unit of a variable input.
• C) Average variable cost and average fixed cost are U-shaped curves.
• D) When marginal productivity of a variable input is falling then marginal costs of production must be rising.

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Definitions:

Airspace

The space above the earth's surface that is available for aircraft to fly through, often regulated by a sovereign entity.

Valid Deed

A legal instrument that transfers ownership of real property from one person to another, which must meet certain requirements such as being in writing, having a clear description of the property, and being properly executed and delivered.

Intent to Convey

The legal determination or declaration of a party's intention to transfer rights, property, or interest from one to another.

Soil

The top layer of the Earth's surface, consisting of rock and mineral particles mixed with organic matter, which supports plant life.