| Question | Evaluate each of the following statements. If a statement is true, explain why; if it is false, identify the mistake and try to correct it. a. A decreasing marginal product tells us that marginal cost must be rising. b. An increase in fixed cost increases the minimum-cost output. c. An increase in fixed cost increases marginal cost. d. When marginal cost is above average total cost, average total cost must be falling. |
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| Subject | business economics |
