Figure 13-4 The Curves in This Figure Reflect Information About the Average

question 188

Multiple Choice

Figure 13-4
The curves in this figure reflect information about the average total cost, average fixed cost, average variable cost, and marginal cost for a firm.

-Refer to Figure 13-4.Why is curve A U-shaped

• A)because of diminishing marginal product
• B)because of increasing marginal product
• C)because of the fact that increasing marginal product follows decreasing marginal product
• D)because of the fact that decreasing marginal product follows increasing marginal product

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Definitions:

Products

Substances that are formed as a result of a chemical reaction, appearing on the right side of a chemical equation.

Catalyst

A substance that increases the rate of a chemical reaction without itself undergoing any permanent chemical change.

Equilibrium System

A system in which dynamic processes occur at equal rates in opposite directions, establishing a stable condition that does not change over time.