What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level
What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 4SQ
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What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level
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