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Class:ECON 2113 - Principles of Microeconomics
Subject:Economics
University:East Carolina University
Term:Fall 2009
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Accountants often ignore implicit costs. True
Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases. False
The cost of producing an additional unit of a good is not the same as the average cost of the good. True
If the marginal cost curve is rising, so is the average total cost curve. False
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Average total cost reveals how much total cost will change as the firm alters its level of production. False
When average total cost rises if a producer either increases or decreases production, then the firm is said to be operating at e True
Fixed costs are those costs that remain fixed no matter how long the time horizon is. False
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 Accountants often ignore implicit costs.True
 Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases.False
 The cost of producing an additional unit of a good is not the same as the average cost of the good.True
 If the marginal cost curve is rising, so is the average total cost curve.False
 Average total cost reveals how much total cost will change as the firm alters its level of production.False
 When average total cost rises if a producer either increases or decreases production, then the firm is said to be operating at eTrue
 Fixed costs are those costs that remain fixed no matter how long the time horizon is.False
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