Refer to Figure 7.1. At output level Q1 A) marginal cost is ...

[mcmcdaniel]

Refer to Figure 7.1. At output level Q1
 
  A) marginal cost is falling.
  B) average total cost is falling.
  C) average variable cost is less than average fixed cost.
  D) marginal cost is less than average total cost.
  E) all of the above

Question 2

Coffee and cream:
 
  A) are both luxury goods.
  B) are complements.
  C) are both more inelastic in demand in the long run than in the short run.
  D) have a positive cross price elasticity of demand.

[kristenb95]

Answer to Question 1

E

Answer to Question 2

B

[mcmcdaniel]

Correct answers!

[kristenb95]

Great! Please up vote