Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

Marginal cost is the added expense of producing one more unit. A horizontal marginal cost curve indicates consistent production costs. Businesses may aim to maintain horizontal costs to stabilize ...

(c) Under all market conditions, Average revenue and Marginal revenue are equal to each other. (d) Total cost curve and Total variable cost curve are parallel to each other. Solution: a) The given ...