Author Question: Average costs curves initially fall a. Due to declining average fixed costs b. Due to rising ... (Read 112 times)

Mr.Thesaxman · **on:** Jul 1, 2018

Average costs curves initially fall
a. Due to declining average fixed costs
b. Due to rising average fixed costs
c. Due to declining marginal costs
d. Due to rising marginal costs

Question 2

When demand elasticity is ____ in absolute value (or ____), an increase in price will result in a(n) ____ in total revenues.
a. less than 1; elastic; increase
b. more than 1; inelastic; decrease
c. less than 1; elastic; decrease
d. less than 1; inelastic; increase
e. none of the above