Author Question: If the slope of the rays from the origin to the total variable cost curve declines along the curve, ... (Read 51 times)

OSWALD · **on:** Jun 30, 2018

If the slope of the rays from the origin to the total variable cost curve declines along the curve, it implies:
a. the average variable cost is falling.
b. the marginal cost is falling.
c. the average variable cost is rising.
d. the marginal cost is rising.

Question 2

Perfect competition describes a firm's behavior in a market model where:
a. there are few firms producing identical products.
b. there are few firms producing highly differentiated products.
c. there are many firms producing identical products.
d. there are many firms producing highly differentiated products.
e. there are barriers to entry and exit for the new firms.