A firm's short-run average cost is defined as a. the ratio of ...

[kfurse]

A firm's short-run average cost is defined as
 a. the ratio of total output to short-run total cost.
  b. the ratio of short-run total cost to total output.
  c. the additional cost of producing one more unit of output while some input is fixed.
  d. the additional cost of producing one more unit of output while all inputs are fixed.

Question 2

A firm's marginal cost curve
 a. is always U-shaped.
  b. always has a positive slope.
  c. is always below its average cost curve.
  d. always intersects its average cost curve at its minimum point.

[Ksanderson1296]

Answer to Question 1

b

Answer to Question 2

d

[kfurse]

Thank you

[Ksanderson1296]

Happy to help you