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Which of the following statements about costs is correct? When marginal cost is less than average total cost, average total cost is rising. The total
Which of the following statements about costs is correct?
- When marginal cost is less than average total cost, average total cost is rising.
- The total cost curve is U-shaped.
- The total variable cost is U-shaped.
- As the quantity of output increases, marginal cost eventually rises.
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