Studied by 0 people
Looks like no one added any tags here yet for you.
Diminishing marginal returns
the marginal product of labor declines as the quantity of labor employed increases.
falls
Whenever marginal cost lies below average cost, the average cost curve ___
rises
Whenever marginal cost lies above average cost, the average cost curve ___
equals
When average cost is at a minimum, marginal cost ___ average cost.
