please Answer Review QuestionsQUESTION 13Which of the following statements is true?O A. The marginal and averageproduct curves intersect atthe maximum level of output.O B. At every output level themarginal product curve liesabove the average productO C. The marginal product andaverage product curves intersectwhen average product is at itsD. Themarginalproductcurve alwayshas acurve.maximum.positiveslope. Review QuestionsQUESTION 1When a firm increases its output by one unit, its average total cost (AC) decreased, this implies that:O A. Marginal cost (MC)Average total cost (AC)B. Average total cost (AC) <Average fixed cost (AFC)O C. Marginal cost (MC) <Average total cost (AC)O D. Marginal cost (MC)> Average total cost(AC)

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Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average product curves intersect at the maximum level of output. O B. At every output level the marginal product curve lies above the average product C. The marginal product and average product curves intersect when average product is at its O D. The marginal product curve always has a curve. maximum. positive slope.

Review Questions QUESTION 13 Which of the following statements is true? A. The marginal and average product curves intersect at the maximum level of output. O B. At every output level the marginal product curve lies above the average product C. The marginal product and average product curves intersect when average product is at its O D. The marginal product curve always has a curve. maximum. positive slope.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 5P

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