If Average Cost Is Constant for All Levels of Output

question 46

Multiple Choice

If average cost is constant for all levels of output:

• A)the marginal cost curve will intersect the average cost at a single point, the minimum of average cost.
• B)marginal cost will be equal to average cost for all levels of output.
• C)marginal cost will be above average cost when average cost is increasing and marginal cost will be below average cost when average cost is decreasing.
• D)marginal cost will have a region of diminishing marginal cost.

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Definitions:

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Extraverted People

Individuals characterized by outgoingness, high levels of sociability, energy, and a tendency to seek stimulation in the company of others.

Agreeable

An attribute of one's character marked by a friendly disposition, benevolence, and an eagerness to collaborate and maintain harmonious relationships with people.

Continuums

A continuous sequence in which adjacent elements are not perceptibly different from each other, although the extremes are quite distinct.