ECO 353 Study Guide - Quiz Guide: Marginal Product, Cubic Function, Average Variable Cost
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If the long-run average cost curve slopes upward over some range of output, then: t f. If marginal cost is greater than average total cost, then average total cost is rising: t f cost curves is equal to marginal cost. The vertical distance between the short-run average total and average variable: t f greater than that at which average variable cost is at a minimum. The minimum short-run average total cost occurs at a level of output that is: t f corresponds to the point at which marginal cost is at a maximum. The point at which the marginal product of a variable input is at a maximum: t f maximum corresponds to the level of output where short-run average total cost is at a minimum. The level of output at which the average product of a variable input is at a: t f. All costs are variable costs in the long run: t f short-run average total cost curves.
