How is marginal cost related to marginal product of labor? They are inversely related They are directly related They have no relation They are related through the average total cost

Marginal cost can be defined as Group of answer choicesNone of the abovethe change is total fixed cost as a result of a change in outputthe change in average total cost as a result of a change in outputthe change in total variable cost as a result of a change in output

Which of the following best describes the relationship between marginal cost (MC) and average total cost (ATC) when MC is less than ATC?Question 4Answera.MC is falling and is less than ATC.b.MC is falling and is greater than ATC.c.MC is rising and is more than ATC.d.MC is rising and is less than ATC.

Which of the following is always true of the relationship between average and marginal costs? aAverage total costs are increasing when marginal costs are increasing. bMarginal costs are increasing when average variable costs are higher than marginal costs. cAverage variable costs are increasing when marginal costs are increasing. dAverage variable costs are increasing when marginal costs are higher than average variable costs.

The marginal cost is the:Multiple choice question.extra or additional cost associated with the consumption of an additional unit of output.average cost associated with the production of an additional unit of input.average cost associated with the use of an additional unit of input.extra or additional cost associated with the production of an additional unit of output.

Which of the following is true about the relationship between Marginal cost and Average cost?Group of answer choicesMarginal cost should be rising when Average cost begins to rise.Average cost always rises when marginal cost rises.Marginal cost equals Average cost at the minimum point of Marginal cost.Marginal cost is always less than Average cost as a firm produces more.