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 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.

When Marginal Cost (MC) is greater than Average Cost (AC) then:(a) AC must be rising;(b) AC must be falling;(c) AC is constant;(d) None of the above as MC and AC are un-connected.

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.

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

The average variable cost (AVC), average cost (AC) and marginal cost (MC) are ______ indicating that they start at high value, decline at decreasing rate and then at increasing rate. A. L-Shaped B. U-Shaped C. V-shaped D. W-Shaped