Reference no: EM131162962
Are the following statements true or false?
a. _________If marginal product is greater than average product, average product is falling.
b. _________Marginal cost is less than average variable cost when average variable cost is falling.
c. _________In the short run, as output increases, the difference between average total cost and average variable cost increases.
d. _________In the short run where total variable cost is increasing at a decreasing rate, marginal cost is positive and decreasing.
e. _________If the marginal cost curve is below the average variable cost curve, then marginal cost must be decreasing.
f. _________If the average total cost curve is above the marginal cost curve, then total costs must be increasing.
g. _________If marginal cost is between average variable cost and average total cost, then both average variable cost and average total cost are increasing.
h. _________The marginal cost curve intersects the average variable cost curve at the maximum value of the average variable cost curve.
i. _________In the short run when the marginal product of labor rises, the marginal cost of an additional unit of output rises.
j. _________Average fixed cost equals total fixed cost divided by total output.
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