If both average cost (AC) and marginal cost (are U shaped, then
A. AC will reach a minimum at a level of output that is less than that at which MC reaches a minimum
B. AC> MC
C. AC will reach a minimum at a level of output that is greater than that at which MC reaches a minimum
D. AC =MC.
Answer:C
If both average cost (AC) and marginal cost (are U shaped, then
A. AC will reach a minimum at a level of output that is less than that at which MC reaches a minimum B. AC> MC C. AC will reach a minimum at a level of output that is greater than that at which MC reaches a minimum D. AC =MC.