Assume that you know the following cost information about Fred's widget company: Its fixed cost is 9, and its total variable cost is 6 for 1 unit; 11 for 2; 15 for 3; 20 for 4; and 26 for 5 . Given the above information,
a. the marginal cost of the third unit is greater than the marginal cost of the first unit.
b. the marginal cost of the fourth unit is the same as the marginal cost of the second unit.
c. the average variable cost of four units is the same as for three units.
d. both (b) and (c) are correct.
Question 2
The equity market is said to be an efficient market because it is difficult for an investor to continually earn above-normal profits.
a. True
b. False
Indicate whether the statement is true or false
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