Statement 1: AVC can never be higher than ATC. Statement 2: AVC and marginal cost are equal
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Statement 1: AVC can never be higher than ATC.
Statement 2: AVC and marginal cost are equal at an output of one . (LO4)
a) Statement 1 is true, and statement 2 is false.
b) Statement 2 is true, and statement 1 is false.
c) Both statements are true.
d) Both statements are false.
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