Which of the following statements is right? The marginal cost curve is the inverse shape of the marginal product curve. The marginal cost increases as the marginal product increases. The marginal cost curve intersects the ATC curve at its highest point. When the marginal cost of producing another unit is less than the ATC curve, producing an extra unit increa

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Chapter6: Proudction Costs
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Which of the following statements is right?
The marginal cost curve is the inverse shape of the marginal product curve.
The marginal cost increases as the marginal product increases.
The marginal cost curve intersects the ATC curve at its highest point.
When the marginal cost of producing another unit is less than the ATC curve, producing an extra unit increases the ATC.
Transcribed Image Text:Which of the following statements is right? The marginal cost curve is the inverse shape of the marginal product curve. The marginal cost increases as the marginal product increases. The marginal cost curve intersects the ATC curve at its highest point. When the marginal cost of producing another unit is less than the ATC curve, producing an extra unit increases the ATC.
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