I was wondering if anyone knows the answers to these questions, help would be much appreciated.


1. In the long run all costs are:

a. u-shaped
b. always rising
c. always falling
d. variable

2. Average total cost is very high when a small amount of output is produced because:

a. of diminishing marginal product
b. variable costs are spread over only a few units of output
c. average fixed cost is large
d. all of the above

3. A monopolist's average revenue is always

a. greater than the price of its product
b. equal to the price of its product
c. less than the price of its product
d. equal to marginal revenue

 

shoulda asked me this last year when I took this class.

it's all out the window now.

 

This thread is no longer needed....thanks to anyone who tried...lol