When the Output Elasticity of Total Cost Is Less Than

question 82

Multiple Choice

When the output elasticity of total cost is less than one,

• A)Marginal cost is less than average cost and average cost decreases as Q increases.
• B)Marginal cost is less than average cost and average cost increases as Q increases.
• C)Marginal cost is greater than average cost and average cost decreases as Q increases.
• D)Marginal cost is greater than average cost and average cost increases as Q increases.

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Definitions:

Intellectual

pertains to activities or functions of the mind characterized by complex cognitive faculties, such as thinking, reasoning, and understanding.

Role Construct Repertory

A psychological assessment tool that evaluates personal construct systems to understand how individuals perceive their relationships and social world.

Complexes

Psychological patterns often unconscious, consisting of memories, perceptions, and desires deeply influencing an individual's attitudes and behaviors.

Anticipations

Expectations or preconceived notions about future events or situations, often influencing behavior and perception.