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LilyGal LilyGal
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5 years ago

Question 1.

As a firm's production increases in the short run, the average total cost curve eventually slopes upward because

• average fixed cost declines with increases in output.

• marginal physical product eventually declines as output increases.

• average physical product rises with increases in output.

• marginal cost eventually declines as output increases.

Question 2.

Short-run cost relationships for a firm are

• due to the level of wages relative to other input prices.

• due to the normal contractual relations in a market.

• determined by the law of diminishing marginal product.

• determined by the specific long-run relationships that exist.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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jackjohnson74jackjohnson74
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5 years ago
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