The average total cost of production
A) equals total cost of production multiplied by the level of output.
B) is the extra cost required to produce one more unit.
C) equals the explicit cost of production.
D) equals total cost of production divided by the level of output.
Question 2
Which of the following statements is true about marginal revenue?
A) If marginal revenue is zero, it means that quantity demanded falls to zero when a firm changes its price.
B) Marginal revenue increases as price falls and quantity sold increases.
C) If marginal revenue is negative, the additional revenue received from selling 1 more unit of the good is smaller than the revenue lost from receiving a lower price on all the units that could have been sold at the original price.
D) If marginal revenue is positive, the additional revenue received from selling 1 more unit of the good is smaller than the revenue lost from receiving a lower price on all the units that could have been sold at the original price.
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