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What do long run marginal cost and avera...

What do long run marginal cost and average cost curves look like?

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Knowledge Check

  • If marginal cost equals to average total cost,

    A
    average total cost is falling
    B
    average total cost is rising
    C
    average total cost is maximized
    D
    average total cost is minimized

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    When marginal cost rises, average cost also rises.

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    What is the relation between marginal cost and average cost when average cost is rising ?

    When marginal cost rises, average cost will also rise.

    If diminishing marginal returns will set in after the very first unit of labour is employed? What do the average product, and marginal product curves look like in this case ?

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