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Hi, can you please help me with this question? Suppose that the marginal cost of producing a tonne of wheat is $60, irrespective of the
Hi, can you please help me with this question?
Suppose that the marginal cost of producing a tonne of wheat is $60, irrespective of the level of output, but there are also some fixed costs of production. Which of the following statements is correct?
a.
The marginal cost curve is a horizontal straight line.
b.
The average cost curve is U-shaped.
c.
The marginal cost curve intersects the average cost curve at its minimum point.
d.
The total cost curve is an upward-sloping straight line through the origin.
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