If the Marginal Cost Curve Is Below the Average Variable

question 135

Short Answer

If the marginal cost curve is below the average variable cost curve,average variable cost must be ____________.

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Definitions:

Rationing Mechanisms

Methods used to distribute scarce goods or resources among competing users.

Efficient

Achieving maximum productivity with minimal wasted effort or expense, often used in the context of production and allocation of resources.

Supply Of Labor

The total number of workers willing and able to work in an economy, including both employed and unemployed individuals actively seeking jobs.

Demand For Labor

The desire or need for employees by employers, determined by the wage rate and the level of production required by the firm or economy.