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The four statements below describe properties of a firm's short run cost curves. Complete the statements using words from the list given below. • The increase in total cost from producing an additional unit of output is called • Total cost divided by the quantity of units produced is called • If average cost is at a minimum then average cost is • If average cost falls as output increases, average cost must be average cost greater than marginal cost total cost equal to marginal cost marginal cost less than marginal cost ( Previous page Next pag

The four statements below describe properties of a firm's short run cost curves. Complete the statements using words from the list given below. • The increase in total cost from producing an additional unit of output is called • Total cost divided by the quantity of units produced is called • If average cost is at a minimum then average cost is • If average cost falls as output increases, average cost must be average cost greater than marginal cost total cost equal to marginal cost marginal cost less than marginal cost ( Previous page Next pag

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...
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The four statements below describe properties of a firm's short run cost curves. Complete the statements using words from the list given below. • The increase in total cost from producing an additional unit of output is called • Total cost divided by the quantity of units produced is called • If average cost is at a minimum then average cost is • If average cost falls as output increases, average cost must be average cost greater than marginal cost total cost equal to marginal cost marginal cost less than marginal cost ( Previous page Next pag
Transcribed Image Text:The four statements below describe properties of a firm's short run cost curves. Complete the statements using words from the list given below. • The increase in total cost from producing an additional unit of output is called • Total cost divided by the quantity of units produced is called • If average cost is at a minimum then average cost is • If average cost falls as output increases, average cost must be average cost greater than marginal cost total cost equal to marginal cost marginal cost less than marginal cost ( Previous page Next pag
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