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Which of the following statements is true regarding the relationship between average and marginal cost functions?



A. When average cost is a decreasing function of output, marginal cost is greater than average cost
B. When average cost neither increases or decreases (because it is constant or at a minimum point), marginal cost is equal to average cost
C. The average cost function is always smaller than the marginal cost function
D. The average cost function is always greater than the marginal cost function
E. When average cost is an increasing function of output, marginal cost is less than average cost

This question is part of Chapter 1
Asked by Orsay, Last updated: Sep 15, 2020

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1 Answer

John Smith

John Smith

John Smith
John Smith

Answered Apr 05, 2017

When average cost neither increases or decreases (because it is constant or at a minimum point), marginal cost is equal to average cost
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