What does the Marginal Rate of Technical Substitution (MRTS) measure in the context of production? A. The rate at which a firm can substitute one input for another while maintaining the same level of output. B. The additional cost incurred when replacing one unit of input with another unit of input, holding output constant. & The rate at which a firm can increase output by hiring more units of input. , The percentage change in total output resulting from a 1% change in the price of input. 8. Which curve(s) does the marginal cost curve intersect at the (their) minimum point? A. Average total cost curve B. Average fixed cost curve C. Average variable cost curve and average fixed cost curve D. Average total cost curve and average variable cost curve 9. The short run is the time frame A. during which the quantities of all resources are fixed. B. that is less than five years. C. during which the quantities of some resources are fixed. D. during which the quantities of all resources are variable. 10. Which is the best statement about short-run (SR) and long-run (LR) cost functions? A. The average variable cost curve always lies above the