Q7 QUESTION 7If average costs are decreasing we must have locally:Oa. IRSОБ. CRSOc. DRSOd. Not enough informationQUESTION 8If average costs are increasing we must have locally:a. IRSb. CRSC. Not enough informationd. DRS

Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…

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If average costs are decreasing we must have locally: a. IRS b. CRS C. DRS d. Not enough information

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...

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