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The Short-Run Average Total Cost, Average Variable Cost, and Marginal

Question 259

Multiple Choice

The short-run average total cost, average variable cost, and marginal cost curves are all U-shaped because of i. constant total fixed cost.
Ii. increasing and then decreasing marginal returns as more labor is hired.
Iii. economies and diseconomies of scale as the plant size increases.


A) only i
B) only ii
C) i and iii
D) ii and iii
E) i, ii, and iii

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