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primewire primewire
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2 months ago

Which of the following statements is false?



▸

Average fixed cost continually declines as output increases.



▸

Marginal cost is equal to the change in total cost divided by the change in quantity of output.



▸

The law of diminishing marginal returns states that, in the long run, as ever larger amounts of a variable input are combined with fixed inputs, eventually the marginal physical product of the variable input will decline.



▸

The vertical distance between the AVC curve and the ATC curve declines as more output is produced.

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Economics

Economics


Edition: 12th
Author:
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birdnuggetbirdnugget
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The law of diminishing marginal returns states that, in the long run, as ever larger amounts of a variable input are combined with fixed inputs, eventually the marginal physical product of the variable input will decline.
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primewire Author
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2 months ago
Correct Slight Smile TY
Zacellison
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Yesterday
Just got PERFECT on my quiz
erimis
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2 hours ago
Thanks
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